Speed Medical Company agreed to acquire City Lab on June 11, 2020. Under the terms of the transaction, consideration will be paid in form of debt notes. The transaction is subject to shareholder approval and satisfactory results of the legal, tax, technical, and financial due diligence process. The Board of Directors of Speed Medical have approved the transaction. The Board of Directors of Speed Medical Company rejected the share exchange with City Lab. As of September 7, 2021, Speed Medical acquired 50% + 1 share of City Labs for EGP 27.37 million. The acquisition is pending the approval of the Ministry of Health. The transaction is expected to be completed by the end of 2020.