TLA Represents NMC Health PLC and Fakih IVF LLC in another groundbreaking transactionJanuary 2018
Dubai, United Arab Emirates - January 2018 - The law firm of Tribonian Law Advisors (“TLA”) announces that it has represented NMC Health PLC (“NMC”), the LSE-listed leading integrated healthcare provider operating across the United Arab Emirates (UAE) and Saudi Arabia,, and Fakih IVF LLC (“Fakih IVF”), one of the leading fertility clinics in the Middle East, in the acquisition by NMC of the outstanding 49% minority stake in Fakih IVF at approximately the same enterprise value as the original acquisition cost set in 2015. The acquisition is being settled in the form of cash and newly issued shares in NMC with a total consideration of USD 205 million. In addition, Dr. Michael Fakih will retain his role as a medical director in Fakih IVF and continue his practice as a medical doctor.
With Fakih IVF now a wholly owned subsidiary of NMC, the Company is better positioned to accelerate and expand growth globally within its fertility business. NMC will continue to expand its fertility network, from the new IVF clinics opened in UAE and Oman in 2017 and additional expansions planned in other geographies, particularly KSA, to maintain a market leading position.
"In December 2017, I set out our strategy to drive the Company's next phase of growth. The transactions today fit with our commitment to increase our capacity, capabilities and geographic coverage,” said Prasanth Manghat, Chief Executive Officer at NMC.
Rindala Beydoun, managing partner at TLA, commented: “We are very proud to have acted once again as transaction counsel to NMC Health and Fakih IVF. This transaction has certainly boosted TLA’s strong position as a regional M&A law firm and our solid track-record in the healthcare sector.”
The TLA team was led by the firm’s managing partner, Rindala Beydoun and partners Carlo Pianese and Emile Boulos, who were assisted by associates Celine Bsaibes, Maryline Kalaydjian and Shiladitya Majumdar.