51% of Al Oyoun Al Dawli Hospital in Egypt Acquired

EuroMena II, one of the most active private equity funds in the Middle East has acquired 51 percent of ‘Al Oyoun al Dawli Hospital,’ one of the most prominent medical centers for eye surgery and treatments in Egypt. This is the first investment in the healthcare sector in Egypt post the January 25 Revolution. Financial Advice Corporate Transactions S.A.E.

FACT the leading Investment Banking Firm in Egypt acted  as financial advisers on the deal.  Miss Sahar Hassan – Executive Director – Shareholder and Board Member and Sherif Abdellatif – Executive Partner led the team, they commented: “The transaction nature as well as industry were attractive, the entity results helped maintain the appetite.

The projections were conservative and the bottom line figures coincided with what we had predicted and advocated in the Information Memorandum. For the past 14 years FACT has concentrated on representing a few clients on investment banking deals and only when we were all convinced that it was a “bankable” deal; while we shied away from many transactions that might have appeared attractive but not necessarily closable deals.”

DLA Matouk and Bassiouny acted on behalf of EuroMena, a long-standing working relationship with this client. Omar S. Bassiouny, Executive Partner of the firm and Head of Corporate/M&A, he commented: “The challenges emanated primarily form the political conditions and uncertainty prevailing in Egypt during the transaction negotiations and closing.  

We exerted our best to bridge the gap between Sellers and Purchaser and exerted our best to address the risks emanating from such uncertainty in the transaction documentation.” Fares Abi Nader Senior Manager led the Ernst & Young France team acting in behalf of EuroMena Funds, a long standing working relationship with the client as they conduct most of the company’s acquisition IT assessments.

Fares Abi Nader commented: “The IT assessment conducted on the Information System of Al Oyoun Al Dawli hopistal aims to show the areas where the usage of the Information System is compliant with best practices and standards, and those areas where major improvements are needed. The IT assessment was based on a series of standards-based criteria that include an inventory of what is there in term of business applications, infrastructure, organization and processes.”

Tahoun acted on behalf of the Sellers on the deal. Nermine Tahoun, managing partner led the team, she commented: “The market instability led to providing terms to secure the Sellers right to receive their financial rights and to remain in the management of the company in case of force majeure and change in law circumstances in addition to the un-forecasted demonstrations that could delay any of the required formalities and procedures to successfully close the transaction.

Our law Firm worked in due diligence to act as a deal maker and our firm together with DLA participated in reaching a win-win deal and providing secured articles for both parties."

Contact Details: nmt@tahoun.com

Contact Details: www.dlapiper.com/egypt