Waha Capital sells healthcare diagnostics firm stake
Abu Dhabi-based firm sold its 93 per cent stake to Al Borg Medical Laboratories
Waha Capital, an Abu Dhabi-based investment firm in which Mubadala Investment Company has a 15 per cent shareholding, has completed the sale of its stake in Proficiency Healthcare Diagnostics (PHD) to Al Borg Medical Laboratories, the largest chain of private laboratories in the Arabian Gulf region.
The firm completed the deal through its unit Anglo Arabian Healthcare (AAH). The transaction, first announced in May, carries the sale price of approximately Dh184 million for 100 per cent of PHD. Waha will book an accounting gain of about Dh94 million, which will be reflected in the company’s fourth quarter financial statement, the company said in a statement on Wednesday.
“The transaction crystalises significant value creation achieved by Waha Capital and AAH,” said Salem Al Noaimi, chief executive of Waha Capital. “We look forward to delivering more success under AAH as we continue to expand the group’s scale in the premium and affordable care segments.”
AAH acquired a 70 per cent stake in PHD in April 2013 and later increased it to 93 per cent. During the holding period, PHD expanded its footprint by adding new branches in Al Ain, Dubai and the Al Dhafra region, which led to a more than doubling of revenues and earnings since the acquisition, according to the statement.
AAH, which is a seed asset in Waha Capital’s private equity business, operates multiple healthcare platforms with 35 healthcare assets across Abu Dhabi, Dubai, Sharjah, Ajman and Ras Al Khaimah.
Waha in November also agreed to sell its stake in UAE-based NPS Holdings to National Energy Services Reunited (NESR), a special-purpose acquisition company that targets investments in the energy sector, in a cash and share transaction.
Updated: December 20, 2017 02:01 PM