Lana signs MoU to acquire 50% of Belarus’ Solar LS

Logo of  Lana Medical Co.

Lana Medical Co. signed a memorandum of understanding (MoU) to acquire a 50% stake in Solar for Laser Systems (Solar LS).

The three-year MoU will come into force from the date of signing and ends on completion of its term or with signing a binding agreement, the company said in a statement to Tadawul.

For more news and details on M&As

The acquisition aims to transfer industry and technologies to the Kingdom in line with Saudi Vision 2030, the statement noted, adding that financing the potential acquisition will be via internal sources.

The conclusion of the proposed deal is subject to the completion of the financial and legal due diligence process, followed by negotiation and the signing of a binding agreement, the statement highlighted.

The MoU is an extension of the company’s strategy to enter into profitable alliances and partnerships locally, regionally and globally. The aim is to advance and maintain its leadership position, as well as enhance its market share.

Lana has been the agent of Solar LS for medical laser devices in the Kingdom since 2015 to date.

Solar LS specializes in laser industries, especially medical lasers, the statement said. The Belarus-headquartered company has been operating for more than 30 years. Its devices are used in more than 25 countries worldwide and recognized a leader in the rapidly-advancing field of laser industries globally.

Other industries of Solar SL include educational, military and industrial lasers, the statement added.