Kuwait-based Mezzan Holding, one of the largest manufacturers and distributors of food,  beverages, FMCG, and pharmaceutical products in the Gulf, has announced that it’s solely-owned subsidiary, Jassim Al Wazzan Sons General Trading Company has acquired the remaining 49% of a joint venture it had previously invested in, that has distribution rights for products of US medical devices maker Medtronic and its Ireland company Covidien.

 

As a result of the acquisition, Mezzan Holding now owns 100% of the JV company and has full distribution rights for both brands and their product lines in Kuwait. 

 

The transaction, valued at KD2.5 million, is Mezzan's latest investment in the healthcare sector and expands its value-added healthcare capabilities. 

 

Medtronic is a global producer of medical devices and therapies, such as insulin pumps, pacemakers, and diabetes therapies. 

 

The company, which has its operational headquarters in Minnesota, US, is best known for its revolutionary cardiac devices, such as battery-powered and miniature pacemakers. 

 

It also had introduced cutting-edge products into the industry such as the first hybrid closed-loop insulin delivery system and creating the world's smallest spinal cord stimulator implant.

 

The Kuwaiti group said the outstanding balance from the existing partner’s previous commercial transactions will be deducted from this amount. 

 

Once the transaction is completed, the JV between Mezzan Holding and its partner will be terminated, and the income resulting from the distribution rights will be entirely the share of Mezzan Holding, it added.

 

Executive Vice Chairman Mohammad Jassim Al Wazzan said: "This transaction will strengthen our presence in the Kuwait healthcare sector, as we continue to expand our healthcare capabilities and provide more cutting-edge and crucial products to our customers."

 

CEO Garrett Walsh said the purchase of Medtronic distribution rights fits into Mezzan’s strategy and it complements the group's overall healthcare offering. 

 

"This investment represents an important strategic opportunity to continue our expansion in the sector by offering world-class medical devices to hospitals, clinics, laboratories, doctors’ offices and a variety of other healthcare operations in Kuwait," he added.-TradeArabia News Service