National Medical Care Company (Care) has signed an agreement with Saudi Medical Care Group to acquire Al Salam Health Medical Hospital for 44 million Saudi riyals ($11.74 million).

The move aims to expand Care’s investment strategy in the health services sector.

However, the transaction is subject to several conditions, including regulatory approvals and non-objection from the Saudi competition authority and the company’s general assembly.

Al Salam Health Medical Hospital is a multi-specialty hospital in Riyadh with a 100-bed capacity. In 2023, the hospital reported a revenue of SAR 93 million.

Care appointed GIB Capital as financial advisor and Alsalloum and Altoaimi as legal advisors.

The medical provider will announce the completion of the transaction or any other material development in due course.

(Editing by Seban Scaria seban.scaria@lseg.com)