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Advising Arabian International Healthcare Holding Company on a key acquisition in Saudi Arabia’s healthcare services sector

  • UAE
  • Saudi Arabia
  • Middle East

    18-03-2022

    Eversheds Sutherland, together with AlDhabaan & Partners in association with Eversheds Sutherland (International) LLP, has advised Nomu-listed Arabian International Healthcare Holding Company (TIBBIYAH), on its strategic acquisition of a 51% stake in Innovative Care Company, owner of the prominent Riyadh-based medical and beauty center, “New You Medical Center”.

    This transaction represents TIBBIYAH’s first major investment in healthcare services, in line with their strategy to become a diversified healthcare holding company. The deal, which was announced on 13 March 2022, is the largest in the regional cosmetic and bariatric surgery space, highlighting the continuing demand for elective cosmetic medical services.

    The agreement is subject to certain pre-closing conditions, including the approval of the General Authority for Competition, in addition to other requirements of a regulatory and commercial nature.

    Our team was led by Eversheds Sutherland Partner and Head of M&A – Middle East, Zeid Hanania and Steve Jennings (Principal Associate), supported by Faris Al-Louzi (Senior Associate). The AlDhabaan & Partners team was led by Anmar Al Gharifi (Partner) and Mira Fayad (Principal Associate).

    Zeid Hanania, commented: “We are pleased to have advised TIBBIYAH on this important investment which further reinforces its commitment to the growing Saudi healthcare sector. This transaction again demonstrates our team’s ability to deliver sophisticated advice to high-profile clients such as TIBBIYAH on complex M&A deals, with great collaboration across our regional offices.”

    Bassel Ammoury, Head of Legal and Compliance, TIBBIYAH, commented: “Zeid, Steve and the whole Eversheds Sutherland team made this complex, fast-paced deal very smooth and easy for us. They delivered the deal at intense speed and within an ambitious target date. The team’s long experience was also extremely helpful in achieving a break through on the final commercial points. We very much enjoyed working with them all.”

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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