- NMC Health said it had agreed to form a healthcare joint venture with a pension fund in Saudi Arabia.

The venture was agreed with Hassana Investment Company, the investment arm of the General Organization for Social Insurance.

The fund, also known as GOSI, is one of the largest pension funds in the world. It is government administered and covers private sector employees in Saudi Arabia.

NMC would contribute its five assets in the country and an additional cash injection at closing.

GOSI's contribution would be a 38.88% stake in Tadawul-listed National Medical Care Company at a price of SAR 54 per share.

NMC would own 52% of the joint venture and hold operational control, with GOSI holding the balance.

'We are pleased to reach this important milestone in the creation of our JV with GOSI, which sets a clear line of sight to the near-term completion of the transaction,' chief executive Prasanth Manghat said.

'This partnership will allow NMC to significantly increase its pace of expansion in the Kingdom, while simultaneously bringing best practices to the country.'

'The attractive, but underserved Saudi healthcare market offers significant growth opportunities and the JV is uniquely placed to benefit from them.'

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