ithmar Capital: $140m from Al Noor Hospitals

Dubai private equity firm Ithmar Capital has sold a 7.3% stake in Al Noor Hospitals for £10.30 ($16.7)/share, pricing the deal at £87.55m. It was the first such sell-down since the Abu Dhabi healthcare company was listed in July 2013. Ithmar retains a 20% stake, according to Reuters. The sale was managed by Deutsche Bank, one of the original flotation managers. Reuters said: “Gulf healthcare firms have become popular with investors, given the growing wealth of the region and also the increase in ‘lifestyle diseases’ – for example, five of the six Gulf states are in the global top ten for prevalence of diabetes.”