Waha Capital has sold its stake in Proficiency Healthcare Diagnostics to Al Borg Medical Laboratories, the largest chain of private laboratories in the Arabian Gulf region.
Waha Capital, in which Mubadala Investment Company has a 15% shareholding, completed the deal through its unit Anglo Arabian Healthcare.
The transaction, first announced in May, carries the sale price of approximately Dhs184 million for 100% of Proficiency Healthcare.
Waha will book an accounting gain of about Dhs94 million, which will reflect in the company’s fourth-quarter financial statement, the company said in a statement.
Anglo Arabian acquired a 70% stake in Proficiency Healthcare in April 2013 and later increased it to 93%.
In that time, Proficiency Healthcare has added new branches in Al Ain, Dubai and the Al Dhafra region, which has led to a more than doubling of revenues and earnings, according to the statement.
Anglo Arabian, a seed asset in Waha Capital’s private equity business, operates multiple healthcare platforms with 35 healthcare assets across Abu Dhabi, Dubai, Sharjah, Ajman and Ras Al Khaimah.