Hena Holdings (a company wholly owned by Dr Hend El Sherbini and Dr Moamena Abdul Wahab Kamel) has made an unrecommended mandatory final cash offer for Egypt-based Integrated Diagnostics Holdings (IDH). The acquisition values the entire issued and to be issued ordinary share capital of IDH at approximately US$290.7m. Dr Hend El Sherbini is CEO of IDH.
IDH is a leading consumer healthcare company in the Middle East and Africa with operations in Egypt, Jordan, Sudan, Nigeria and Saudi Arabia. It has been a Jersey-registered entity with a standard listing on the main market of the London Stock Exchange since May 2015 with a secondary listing on the EGX since May 2021.
The acquisition is made under Rule 9 of the Takeover Code and was triggered by the acquisition in June of a 21.67% stake in IDH by Hena Holdings from Actis IDH (controlled by Elliott Investment Management). As a result of the Elliott transaction, Hena Holdings holds 288,445,383 IDH shares, representing approximately 49.62% of the existing issued share capital of IDH.
Under Rule 9 of the Code, Hena Holdings is required to make a mandatory cash offer for the remaining IDH shares at US$0.50 per share, which represents a discount of approximately 11.2% to the closing price of US$0.563 on 22 June.
Hena Holdings does not intend to make any changes to IDH’s business, plans, locations and places of business, and has no intention to redeploy any of its fixed assets. IDH has a base of 628 branches, serves about 9 million patients and performs over 39 million tests per year.
In May, IDH reported revenues of EGP2.1bn (US$41.7m) in Q1 2026, representing a 31% year-on-year increase, driven by a 22% rise in tests performed and a 7% increase in average revenue per test. Gross profit increased 28% year-on-year to EGP807m, while EBITDA grew 23% year-on-year to EGP611m, resulting in an EBITDA margin of 29.5%.
The deal has been financed by a US$60m convertible loan from RMBV and equity from Dr Hend El Sherbini and Dr Moamena Abdul Wahab Kamel.
Matouk Bassiouny & Hennawy (Omar S Bassiouny, Omar Al Fadaly, Omar El Shabassy, Nourhan Sayed) advised RMBV in connection with the loan
Baker McKenzie (James Thompson, Hani Nassef, Ben Wilkinson, Tom Quincey, Lamyaa Gadelhak, Ben Saraci, Avni Devgan, Natasha Hassard) is advising Hena Holdings.
Strand Hanson (James Dance, Carl Holmes, Matthew Chandler, Harry Hiley) acted as Financial and Rule 3 Adviser to IDH
