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Amanat Holdings, a leading healthcare and education investment firm, has completed the acquisition of a majority stake in Sukoon International Holding Company through a merger with Cambridge Medical & Rehabilitation Center (CMRC).
Merger creates the largest pan-GCC post-acute care provider with a goal of 1,000 pan-regional beds within three years.
The merger was originally announced in December 2022. The combined entity is a core component of Amanat’s new market-leading healthcare platform, Amanat Healthcare, which brings together Amanat’s portfolio of world-class healthcare assets into one platform.
non-cash share swap
The transaction was completed through a non-cash share swap whereby certain shareholders of Sukoon received Amanat’s 15% stake in CMRC in return for Amanat’s additional shares in Sukoon. Upon completion of the adjustments, Amanat will own 85% of the combined entity.
Hamad Alshamsi, Chairman of Amanat, said: “The completion of the merger between Sukoon and CMRC marks a major milestone in Amanat’s strategy to deliver shareholder value through active portfolio management. The merger creates the largest post-acute care provider in the GCC, placing Amanat in the Well positioned to benefit from the large post-acute care bed gap between KSA and the UAE.
“The combined entity strengthens our newly announced platform, Amanat Healthcare, solidifies its position as a leading provider in the GCC specialty healthcare market and expands the platform’s strategic value creation options, including a potential IPO in the near future”
Growing Profitability
Amanat’s Acting Chief Executive John Ireland added: “Amanat acquired a minority stake in Sukoon in 2015 and we have since worked successfully with colleagues and partners to transform it into one of KSA’s leading providers of post-acute care and rehabilitation With the expansion of our existing facilities underway, we are confident that we will continue to improve Sukoon’s profitability and margins in the near term.
“We now look forward to working with CMRC and Sukoon’s market-leading management teams to integrate our post-acute care business, achieve revenue and cost synergies and provide a strong platform for future growth.” — trade arab news agency
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