Amanat Holdings, the Dubai-based leading healthcare and education listed investment company, has acquired a majority stake in Saudi’s Sukoon International Holding Company through a merger with Cambridge Medical & Rehabilitation Centre (CMRC).
The merger, initially announced in December 2022, creates the largest pan-GCC post-acute care provider with 400 operational beds and an additional 300-bed expansion underway, across UAE and the Kingdom of Saudi Arabia (KSA).
The merged entity is a core component of Amanat’s new market-leading healthcare platform, Amanat Healthcare, which consolidates Amanat’s portfolio of world-class healthcare assets into a single platform.
The transaction was completed through a non-cash share swap, whereby certain Sukoon shareholders received 15 percent of Amanat’s shares in CMRC in return for Amanat receiving additional shares in Sukoon. Following completion adjustments, Amanat will own 85 percent of the post-merger entity.
“The completion of the merger of Sukoon with CMRC marks an important milestone in Amanat’s strategy to realize shareholder value through active portfolio management. The merger, which creates the largest post-acute care provider in the GCC, places Amanat in a strong position to benefit from the significant post-acute care bed gap across KSA and the UAE. The merged entity strengthens our newly announced platform, Amanat Healthcare, consolidating its position as a market-leading provider of specialized healthcare in the GCC and enhancing the range of strategic value creation options for the platform, including a potential IPO in the near term.”
Amanat’s Acting Chief Executive Officer, Mr. John Ireland, commented that “With the expansion of our existing facility underway, we are confident we will continue to grow profitability and margins at Sukoon in the near term. We now look forward to working with the market-leading management teams at CMRC and Sukoon to integrate our post-acute care businesses, delivering both revenue and cost synergies and providing a strong platform for future growth.”