BREAKING: Saudi Arabia's Jadwa hires HSBC to advise on exiting UEMedical

DUBAI, Nov 24 (Reuters) - Saudi Arabian investment bank Jadwa Investment’s private equity arm has hired HSBC to advise on the sale of its stake in Abu Dhabi healthcare group United Eastern Medical Services (UEMedical), two sources familiar with the matter told Reuters.

Jadwa, which has a 42% holding, is considering a sale of the stake either through an outright sale or an initial public offering (IPO), said the sources, declining to be identified as the matter is not public. The business is said to be worth around $800 million, they said.

UEMedical specialises in women’s fertility and children’s healthcare and has a network of premium health centres across Abu Dhabi, according to its website.

Jadwa acquired a stake in UEMedical in 2016 through its Healthcare Opportunities Fund 2, information on Jadwa’s website shows.

HSBC declined to comment. Jadwa and UEMedical did not immediately respond to requests for comment.

Transactions in the healthcare sector have picked up this year, with Saudi Arabia’s Dr. Sulaiman Al-Habib Medical Services Group going public and Almana General Hospitals in early talks with banks about an IPO on the kingdom’s Tadawul exchange, Reuters reported in July.

Reprinted from Reuters. The copyright is reserved by the original author.

Reprinted from Reuters. The copyright is reserved by the original author.