Cleopatra Hospital Group(CHG) intends to transfer the assets and operations of its IVF and fertility centre Bedaya for Medical Services, to a 60/40 joint venture with Fertility Specialist Aboul Foutouh.
Aboul Foutouh is a well known fertility specialist in Egypt who have more than 20 years of experience in the fields of infertility and IVF Treatment and is currently a professor in obstetrics and gynaecology at Cairo University. He will continue to manage the centre’s day-to-day operations.
The payment for the centre’s medical equipment, working capital and associated real estate assets will be of E£105m (US$6.6m), with the remainder to be paid based on a structured payment plan linked to 2021 and 2022 earnings.
In a statement the company said that the business is expected to contribute around 10% to EBITDA in the future. ‘This joint venture will allow us to deliver on our strategy to continue adding additional scalable services to the group, and, in parallel, allow Bedaya to benefit from the group’s scale and reach in the communities where we operate,’ said Ahmed Ezzeldin, chief executive officer of Cleopatra Hospitals Group.
News Resource – laingbuissonnews.com, September 14, 2020