Care signs agreement to buy hospital in Jeddah for SAR 193.2 mln

National Medical Care Co. (Care) signed on Sept. 8 an agreement with Saudi Medical Care Group (SMG) to purchase the entire ownership of Chronic Care Specialized Medical Hospital in Jeddah, according to a statement to Tadawul.  

The deal is valued at SAR 193.2 million, and is subject to customary purchase price adjustments in light of the completion accounts mechanism under the agreement.  

The agreement contains customary representations and warranties provided by the seller and the purchaser, the statement noted.

The acquisition of Chronic Care Hospital (a one-person company) will help Care achieve its investment strategy via expansions in the healthcare industry, in addition to capturing the growth opportunities in related markets. 

Source : Argaam