15 February 2016
Clifford Chance advised the Ebrahim Mohammed Almana family members on the divestment of 20% of their shares in Ebrahim Mohammed Almana & Brothers Company, a wholly owned family company engaged in the healthcare business in the Eastern Province of Saudi Arabia, to Sanabil Direct Investments Company, which is a subsidiary of Sanabil Investments, a Saudi sovereign wealth fund. GIB Capital acted as the Almana family's financial advisors on the transaction.
The Almana Group is a long established healthcare provider and, amongst other things, is involved in the operation of hospitals and the sale and distribution of medical products. The investment by Sanabil reflects the Saudi Government's keen desire to invest in, and promote the healthcare sector in the Kingdom. This is the first Saudi healthcare transaction of 2016.
Faisal Almana, the Finance Director of Ebrahim Mohammed Almana & Brothers Company said: "I would like to thank Omar Rashid and his team for the commitment they have shown towards getting the transaction done, the significant value they have added throughout the process and their commercial judgment. It has been a pleasure working with them and having them on our side."
Khalid Al-Ghamdi, the acting CEO of GIB Capital said: "The Clifford Chance team did a fantastic job in supporting our common client throughout the deal process and we are very grateful for their contribution and efforts. We look forward to working with them again."
Commenting on the deal, Lead Partner, Riyadh-based Omar Rashid said: "Congratulations to the Ebrahim Almana family members on the successful closing of this deal. Our Riyadh-based team is delighted to have assisted the family on this important investment in Saudi Arabia's healthcare sector. Once again Clifford Chance has demonstrated its strength and capability in complex and time-sensitive M&A deals in the Kingdom and in particular in healthcare, following on from our team advising Amanat Healthcare on their acquisition a few months ago."
The Clifford Chance team was led by Omar Rashid (Partner, Riyadh). Omar was supported by Fehem Hashmi (Senior Associate, Riyadh), Olufunlola Balogun (Senior Associate, Riyadh), Naif Alosaymi (Associate, Riyadh), Fouad Sindi (Associate, Riyadh), Abdulaziz Aljadaan (Associate, Riyadh), Jehan AlSaeed (Associate, Riyadh) and Sahal Khalawi (Associate, Riyadh).
The Clifford Chance Corporate team based in Saudi Arabia continues to advise on some of the country's most prominent deals including advising Amanat Healthcare on the acquisition of a stake in Sukoon, the Saudi Public Investment Fund on the US$1.1 billion acquisition of a stake in Korea's Posco E&C, Bahri on their US$1.3 billion merger and Aujan Industries Co. on the sale of a stake in its beverage business to The Coca-Cola Company for US$980 million.
The Firm's strength in the Saudi market was further confirmed at the recent IFLR Middle East Awards where Clifford Chance was awarded Saudi Law Firm of the Year in 2015 for the tenth year in a row – the only law firm to have ever won this award.