Integrated Diagnostics Holdings PLC IDH to no longer pursue acquisition of IDC stake (3178O)
31 Enero 2023 - 1:00AM
UK Regulatory
TIDMIDHC
RNS Number : 3178O
Integrated Diagnostics Holdings PLC
31 January 2023
IDH to no longer pursue acquisition of IDC stake
31 January 2023
(Cairo and London) - Integrated Diagnostics Holdings ("IDH,"
"the Group," or "the Company"), a leading consumer healthcare
company with operations in Egypt, Jordan, Sudan and Nigeria,
announces that it will no longer pursue negotiations for the
acquisition of a 50% stake in Islamabad Diagnostic Center ("IDC").
The Group has notified Evercare IGA Holdings Limited (a company
managed by TPG Inc., the "Seller") of its decision which comes at
the end of an eighteen-month process that saw the parties work
closely together to bring the transaction to completion. While the
original share purchase agreement (the "SPA"), which had been
signed on 20 December 2021, expired on 29 August 2022, IDH and the
Seller continued negotiations aimed at concluding a transaction on
modified terms. Despite the efforts of the parties, extensive
delays in the regulatory review process, the challenging global
economic environment and the condition precedent related to
repatriating funds, have resulted in the discontinuation of
negotiations towards completing the transaction. As always, IDH
continues to assess potential value-accretive acquisition
opportunities in new markets across Africa, the Middle East, and
Asia where it feels its business model is best-suited to capitalise
on healthcare and consumer trends similar to those prevailing in
our current markets of operation.
-Ends-
About Integrated Diagnostics Holdings (IDH)
IDH is a leading consumer healthcare company in the Middle East
and Africa with operations in Egypt, Jordan, Sudan and Nigeria. The
Group's core brands include Al Borg, Al Borg Scan and Al Mokhtabar
in Egypt, as well as Biolab (Jordan), Ultralab and Al Mokhtabar
Sudan (both in Sudan) and Echo-Lab (Nigeria). A long track record
for quality and safety has earned the Company a trusted reputation,
as well as internationally recognised accreditations for its
portfolio of over 2,000 diagnostics tests. From its base of 546
branches as of 30 September 2022, IDH will continue to add
laboratories through a Hub, Spoke and Spike business model that
provides a scalable platform for efficient expansion. Beyond
organic growth, the Group's expansion plans include acquisitions in
new Middle Eastern, African, and East Asian markets where its model
is well-suited to capitalise on similar healthcare and consumer
trends and capture a significant share of fragmented markets. IDH
has been a Jersey-registered entity with a Standard Listing on the
Main Market of the London Stock Exchange (ticker: IDHC) since May
2015 with a secondary listing on the EGX since May 2021 (ticker:
IDHC.CA). Learn more at idhcorp.com .
Contact
Nancy Fahmy
Investor Relations Director
T: +20 (0)2 3345 5530 | M: +20 (0)12 2255 7445 |
nancy.fahmy@idhcorp.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDWPUACGUPWGMU
(END) Dow Jones Newswires
January 31, 2023 02:00 ET (07:00 GMT)
Integrated Diagnostics (LSE:IDHC)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Integrated Diagnostics (LSE:IDHC)
Gráfica de Acción Histórica
De May 2023 a May 2024