Mubadala said to be among bidders for UAE's Amana Healthcare

Sources say the fund's healthcare unit is in advanced talks about the acquisition
By Bloomberg
Thu 31 May 2018 02:57 PM

Abu Dhabi’s Mubadala Investment Co is among potential bidders for the UAE-based privately-held Amana Healthcare, people with knowledge of the matter said.

The fund’s healthcare unit is in advanced talks about the acquisition, the people said, asking not to be identified because the discussions are private. Amana, which operates in Abu Dhabi and Al Ain, has also drawn interest from other large healthcare providers and investors, some of the people said.

Bank of America Corp was hired to work on the sale that could value the business at about $400 million, people said in 2016. Amana hopes to close a deal by the end of the year, some of the people said. A representative for Amana didn’t immediately respond to requests for comment, while Mubadala declined to comment.

Demand for private health care in the Middle East has been increasing with mandatory health insurance for the expats who make up the majority of the population, luring international investors to look at opportunities.

Abu Dhabi’s NMC Health planned to bid for Saudi Arabian Airlines’ healthcare business, its founder said last June. Mediclinic International agreed to combine with Al Noor Hospitals Group.

Amana was founded in 2013 and provides services including long-term acute care, rehabilitation and respite care, according to its website. Gulf Capital, an Abu Dhabi-based alternative asset manager, made an undisclosed investment in the company in 2014.

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Last Updated: Thu 31 May 2018 03:04 PM GST

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