Shearman & Sterling advised NMC Healthcare (NMC) on the formation of the joint venture (NMC KSA) between NMC and The General Organization for Social Insurance (GOSI) of the Kingdom of Saudi Arabia in the healthcare sector of the Kingdom.
NMC KSA is being formed by GOSI's contribution of its 38.88% stake in Tadawul-listed National Medical Care Company (CARE) and NMC's contribution of its five assets in the Kingdom and an additional cash injection at closing. The cash injection was utilized by NMC KSA to acquire an additional 10.3% stake in CARE through privately negotiated deals. In total, NMC KSA now owns a 49.2% stake in CARE, while NMC owns 53% stake in NMC KSA and GOSI owns the remaining 47%.
NMC is a global private healthcare operator in the Gulf Cooperation Council with an international network of hospitals across 19 countries. NMC also ranks as one of the top three in-vitro fertilization (IVF) operators globally. The Group reported revenues of $2billion for the year ended December 31, 2018. NMC Health Plc, the group parent company, is listed on the Premium Segment of the London Stock Exchange and included in the FTSE 100 Index.