DUBAI, March – Dubai-listed healthcare firm Amanat Holdings has bought long-term care firm Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare.
Amanat said the deal marks its first wholly owned investment in the healthcare sector in the United Arab Emirates and is one of the biggest healthcare deals in the Gulf region in recent years.
Cambridge provides post-acute care and rehabilitation in the UAE and Saudi Arabia, with more than 250 beds across three facilities.
With this transaction, Amanat has fully deployed its paid-up capital of 2.5 billion dirhams ($680.7 million) and now manages close to 3 billion dirhams in assets, Amanat Chairman Hamad al-Shamsi said in a statement.
Reuters reported in September the private equity owner of Cambridge Medical and Rehabilitation Center had hired corporate advisory firm deNovo for a potential sale of the company.
($1 = 3.6728 UAE dirham)
(Reporting by Saeed Azhar; Editing by Stephen Coates) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: email@example.com))