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04-Feb-2018<br />

Saudi hospitals near to hiring Goldman, JPMor...<br />

Dotemirates.com<br />

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London, Dubai, Riyadh: Saudi Arabian hospital operator Al Hammadi Co for Development &<br />

Investment is close to hiring Goldman Sachs Group Inc to advise on merger talks with<br />

National Medical Care Co, according to people with knowledge of the matter.<br />

Al Hammadi could finalise appointing Goldman Sachs in coming days, the people said,<br />

asking not to be identified because the information is private. The mandate isn’t final and the<br />

company’s plans could change, they said. National Medical Care is likely to work with<br />

JPMorgan Chase & Co, they said.<br />

A representative for Al Hammadi said the company will select an adviser soon, without<br />

providing any additional details. Spokesmen for Goldman Sachs and JPMorgan declined to<br />

comment. National Medical Care didn’t respond to requests.<br />

The two companies said in August they were in preliminary discussions about a potential<br />

merger that would create a company with a combined market value of $1.9 billion (Dh6.97<br />

billion).<br />

Mergers and acquisitions in Saudi Arabia are set to pick up as slower economic growth<br />

encourages more tie-ups between firms, and new takeover rules are poised to make it<br />

easier to do deals. HSBC Holdings Plc-backed Saudi British Bank and Alawwal Bank, in<br />

which Royal Bank of Scotland Group Plc owns a 40 per cent stake, are in talks to merge,<br />

while Jabal Omar Development Co also hired Goldman Sachs to advise on a potential<br />

merger with Umm Al Qura Development, the company said in November.

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