(MENAFN) South Africa's Mediclinic Intl has agreed to buy UAE's Al Noor Hospitals Group for around USD2.2 billion, gaining the upper hand on rival NMC Health in a tussle for expansion in the fast growing Gulf region.
The deal will double the South African group's presence in the UAE, further diversifying out of its slow growing home market after a Swiss acquisition in 2007.
But NMC Health, already a major player in the UAE, vowed to fight on, saying on Wednesday it remained committed to a tie-up with London-listed Al Noor.
Shares in Al Noor jumped 19 percent to 1,185 pence - above the 1,160 pence cash offered in one of the alternatives proposed by Mediclinic - and valuing the company's equity at USD2.12 billion.
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