PwC advises Tibbiyah on acquisition of Al Hammad Medical Services

Saudi Arabian healthcare company Tibbiyah has acquired Al Hammad Medical Services, a KSA-based provider of medical services.

In a statement to Tadawul, Tibbiyah said that it had completed the acquisition of Al-Hammad Medical Services for SAR 35 million ($9 million), with closing of the deal subject to custom regulatory approvals.

Established in 1987, Al Hammad Medical Services provides devices (machines and IT solutions), consumables (such as syringes, breathing circuits, catheters, drapes), and medical furniture to hospitals, private clinics and other healthcare institutions. The company also has a project management arm that implements solutions.

Buyer Tibbiyah was founded in 2013 by Al Faisaliah Group following the merger of its subsidiaries operating in the healthcare sector. The group has three main lines of business: medical systems, healthcare supplies, and a joint venture with Netherlands-headquartered Philips geared at bringing Philips products and solutions to the KSA market.

With revenues of over SAR 640 million (over $170 million), Tibbiyah is one of MENA’s 500 largest companies in terms of annual revenues, according to an estimate by Fortune.

The acquisition of Al Hammad Medical Services will be financed in part in cash, and in part through a bank credit obtained from one of Saudi’s larger banks. Further financial details of the transaction have not been released.

Tibbiyah was guided through the deal process by PwC, with a team led by deal captains Imad Matar and Joseph Bou Eid, supported by Amit Shiwani, Abbas Berdi, Bijay Mathew, and Hanadi Shaaban, among others.

According to Bain & Company, the Middle East’s M&A market is set to end 2024 on a higher note than the year previous. Another recent report suggested that inbound and cross-border activity are among the drivers lifting deal action.