Saudi Tamer Healthcare company near acquisition of 30 per cent of Egypt’s UCP

Tamer Healthcare, Saudi leading healthcare and wellness group, is close to getting 30 per cent of shares of Egyptian United Company of Pharmacists (UCP) for a transaction estimated at $35 million, reports say.

The US-based AmerisourceBergen is relinquishing 30 per cent of its 50 per cent of UCP to Tamer, a source told Asharq Business, Arab Finance reports.

Another source reportedly told Asharq Business that transaction could be completed before the end of the current year. J.P. Morgan acts as the deal’s financial advisor for the American company.

UCP, founded in 1996 and according to its LinkedIn page, is the co-leader of the Egyptian pharmaceutical distribution market.

The company serves 69 warehouses and approximately 20,000 pharmacies worldwide, with 2.464 employees. UCP claimed it made in 2004 a turnover of approximately 1.3 billion Egyptian Pounds ($42 million).