Tibbiyah, Saudi medical equipment provider also known as Arabian International Healthcare Holding Company, acquired a 51% stake in Innovative Care Company, that operates New You Medical Center in Riyadh.
The 51% acquisition deal is valued at almost $57 million, and will be done through a cash payment of almost 110 million SAR, with the balance of up to 104 million SAR linked to an “earn-out structure” over three years, according to the statement.
“The acquisition is in line with our strategy to diversify Tibbiyah’s portfolio by adding exposure to the specialized private healthcare services sector, including through transactions in growth companies adding sustainable annuity-type revenues and high margin to our portfolio of activities. The specialized clinical services market offers exciting potential in the Kingdom and we look forward to our partnership with Professor Aayed Alqahtani’s and his team to unlock New You’s full potential and further expand the business in other parts of the Kingdom,” Alaa Ahmad Ameen, CEO of Tibbiyah, said.
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