Amanat Holdings, a leading healthcare and education investment firm, has completed the acquisition of a majority stake in Sukoon International Holding Company through a merger of  Sukoon with Cambridge Medical & Rehabilitation Centre (CMRC).

 

The merger creates the largest pan-GCC post-acute care provider, with a target to deliver 1,000 pan regional beds in three years.

 

The merger was initially announced in December 2022. 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.

 

Non-cash share swap

The transaction was completed through a non-cash share swap, whereby certain of the Sukoon shareholders received 15% of Amanat’s shares in CMRC in return for Amanat receiving additional shares in Sukoon. Following completion adjustments, Amanat will own 85% of the post-merger entity.

 

Amanat’s Chairman, Hamad Alshamsi, said: “The completion of the merger of Sukoon with CMRC marks an important milestone in Amanat’s strategy to realise 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 specialised healthcare in the GCC and enhances the range of strategic value creation options for the platform, including a potential IPO in the near-term.”

 

Growing profitability

Amanat’s Acting Chief Executive Officer, John Ireland, added: “Amanat acquired a minority stake in Sukoon in 2015, and we subsequently worked successfully with our colleagues and partners to transform it into one of the leading post-acute care and rehabilitation providers in KSA. With the expansion of our existing facility under way, 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.”-- TradeArabia News Service