DUBAI May 11 Saudi Arabia's Al Borg Medical
Laboratories, one of the largest private medical laboratory
chains in the Gulf, has agreed to buy the lab business of Anglo
Arabian Healthcare, majority owned by Waha Capital,
sources told Reuters.
The two parties signed an agreement in December though a
number of terms and conditions remain to be met before the deal
can close, the sources said, declining to be named as the matter
is not public.
The transaction was negotiated and arranged by Al Borg and
its majority shareholder, Gulf investment firm Investcorp
, one of the sources said.
The sources declined to provide a value for the deal.
Al Borg was not immediately available to comment when
contacted by Reuters on Thursday. Waha Capital and Investcorp
declined to comment.
Al Borg has 53 laboratories across eight countries in the
Gulf and Africa, offering medical laboratory testing services to
hospitals, clinics, companies and individuals.
Investcorp bought its stake in Al Borg in November and the
companies said at the time the investment would help it expand
in the kingdom and elsewhere in the region.
Anglo Arabian Healthcare was established in 2012, and has 40
assets in its portfolio including hospitals, medical centres,
diagnostics, and network of laboratories and pharmacies across
the United Arab Emirates, according to its website.
(Editing by David Clarke)