CI Capital (CICH) subsidiary MCI Capital has acquired 23% of Cleopatra Hospitals (CLHO) in an EGP 1.8 billion transaction.
Holders of EGP 367.8 million CLHO shares have agreed to sell.
The optional purchase offer was EGP 5/share, which values CLHO at EGP 8 billion.
MCI Capital had hoped to acquire 26.2% of CLHO but now has to settle for 23%.
MCI Capital’s total stake in CLHO now stands at 26.8% as they already held a 3.8% stake before the deal.