Cleopatra Hospitals Group (CHG) in Egypt has filed for regulatory approval on a mandatory tender offer (MTO) to purchase all the outstanding shares of Alexandria Medical Services (ANMC).

CHG sought the Egyptian Financial Regulatory Authority (FRA) approval for an MTO of $34.9m (EGP550m), or $2.45 (EGP38.53) per share.

This move comes after the hospitals group submitted a non-binding offer in March this year under a process launched by Abu Dhabi Commercial Bank’s advisors, who have a 51.5% stake in ANMC.

A 300-bed private hospital, ANMC delivers tertiary medical services. It includes liver transplant, oncology and kidney transplant units.

Following the acquisition, CHG intends to expand ANMC patient services and volumes. The hospitals group will also work with doctors and employees at ANMC to boost healthcare in Alexandria city.

As part of CHG’s expansion to an operational hospital in Alexandria, the deal is in line with its core investment strategy for big general hospitals.

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Cleopatra Hospitals Group CEO Dr Ahmed Ezzeldin said: “ANMC is a strategic acquisition, as part of the Group’s expansion plan and strategy to develop and provide high-quality medical services to Egyptians across the country.

“The Group targets cities and facilities that address a clear supply-demand gap, the potential to offer new services and grow the existing business.”

Consistent with its investment approach in Cairo and Giza, CHG plans to continue developing ANMC, offer medical services and technology, expand bed capacity in the city and connect healthcare practices between Cairo and Alexandria.

An Egyptian joint stock company, CHG has majority stakes and runs six hospitals in the Greater Cairo Area. It plans to carry out further investments to upgrade its current hospitals network and expand through acquisitions.

In February this year, Egyptian healthcare company Alfa Medical Group (AMG) secured a $100m minority equity investment from CDC Group and Africa Platform Capital.