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India’s Ajeenkya DY Patil Group acquires stake in Mulk Med Healthcare: UAE-based conglomerate Mulk International and India’s Ajeenkya DY Patil Group have become equal partners in Mulk Med Healthcare, after acquiring stakes in the company to launch the UAE’s first large-scale virtual hospital. The two parties have committed an additional AED 100 mn investment to enhance healthcare in the MENA and Asia-Pacific regions, according to a press release.
The details: The “virtual hospital” will offer 24/7 telehealth consultations, doorstep delivery of discounted medicines, smart ambulances, and mobile clinics. It will also offer non-insured patients and UAE visitors price reductions on medical services through a dedicated membership.
About Mulk International: Founded in 1982 and based in the UAE, Mulk International operates in over 70 countries. The company’s diverse portfolio includes manufacturing (such as Alubond USA metal composites), facade contracting, healthcare (with notable investments like Mulk Med Healthcare), plastics, and sports assets, managing 14 companies across various sectors.
OTHER M&A NEWS-
#1- Cyvn Holdings, an Abu Dhabi-owned advanced mobility investment firm, is set to acquire McLaren’s automotive business and a minority stake in its racing arm, according to an Abu Dhabi Media Office statement. CYVN and Bahraini sovereign wealth fund Mumtalakat inked a strategic partnership agreement to seal the transaction yesterday, though the acquisition is still pending regulatory approval.
REMEMBER: This acquisition follows the signing of a non-binding agreement between Mumtalakat and Cynn in October to explore acquiring 100% of UK luxury sports car manufacturer McLaren Automotive.
#2- Abu Dhabi investment firm Al Nowais along with Egypt’s Eastern Investment, Orascom Investment, and Luxembourg-based SOSTNT submitted a bid to acquire Moroccan company SAEMOG, according to a press release. SAEMOG oversees the Essaouira Mogador coastal project, which the consortium plans to redevelop for USD 404 mn by renovating an existing hotel, building three beachfront hotels, and developing a shopping and entertainment area. The acquisition will take place through the UAE-based company Orascom Investments.
What’s next? Morocco’s competition council has opened the floor for interested parties to submit feedback on the transaction before 19 December.
