Care closes acquisition of Chronic Care Specialized Hospital

Logo of National Medical Care Co. (Care)

National Medical Care Co. (Care) completed, on Nov. 23, the paperwork required for the full acquisition of Chronic Care Specialized Medical Hospital Co.

The procedures have been completed following the satisfaction of the pre-conditions stipulated in the agreement including approvals from the relevant authorities, the company said in a statement on Tadawul.

The acquisition price will be settled in accordance with the account mechanisms set by the agreement through Care’s internal sources and a bank loan, the statement added.

The financial impact of the transaction will be visible in Q4 2023.

In September, Care signed an agreement with Saudi Medical Care Group (SMG) to acquire the entire ownership of Chronic Care Specialized Hospital in Jeddah for SAR 193.22 million, according to data available on Argaam.

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