Bupa is to acquire a portion of Nazer Group’s stake in Bupa Arabia by 4% to 43.25%.
The deal, which follows similar investments in 2017 and 2018, has been agreed at a price of SAR 105 per share (SAR 504m, approximately £106m).
It means that together, Bupa and the Nazer Group will continue to hold over 50% of the shares in Bupa Arabia, although continue to act independently of each other.
The remainder of the shares in Bupa Arabia are publicly traded.
Bupa and Nazer Group first formed a partnership in 1997 and Bupa Arabia was established in 2008.
Bupa Group CEO Evelyn Bourke said that Bupa Arabia is a “long-standing and high-performing part” of her organisation.
She said:”We are increasing our shareholding in recognition of its continued success and our ongoing commitment to meeting the rising healthcare needs of customers in the KSA. We look forward to continuing to serve the KSA market, in partnership with Nazer Group.”
Chairman of Bupa Arabia and Founder and Chairman of Nazer Group, Loay Hisham Nazer, added: “We are very proud of the achievements and success of Bupa Arabia, underpinned by a great partnership between Nazer and Bupa.
“This serves as an example of how Saudi companies can attract the highest quality of foreign investors who bring expertise to the market, while benefiting from the local knowledge of the Saudi partner. Our commitment to Bupa Arabia remains very strong. I am committed to stay on as Chairman, and Tal Nazer is committed to serve as CEO.”
Bupa is now submitting formal applications to the relevant Kingdom of Saudi Arabia (KSA) authorities for the customary regulatory approvals.