New You Medical Center, a day surgery medical and beauty center in Saudi Arabia focused on bariatric procedures, has completed the sale of a majority equity stake of 51% to Nomu-listed Arabian International Healthcare Holding Co. (“Tibbiyah”), the healthcare arm of Al Faisaliah Group. The consideration is structured through a combination of cash and earn-out payments.
The transaction is subject to a number of pre-closing conditions, including obtaining the approval of the Saudi Arabian General Authority for Competition as well as other conditions of a regulatory and commercial nature.
Baker McKenzie, has advised the shareholder of Innovative Care Trading Co. (“New You”), which owns Riyadh-based New You Medical Center. The team was led by partner Osama Audi (head of corporate/m&a UAE office, pictured) and partner Abeer Jarrar (corporate/m&a, pictured) with further support from Stephanie Samuell, Haya Massoud, Jaanzeb Khan and Aman Al Tawil. KPMG Professional Services acted as lead business advisers to New You.