Sothema is expanding its industrial footprint with the near-complete acquisition of Soludia Maghreb, a leading provider of dialysis solutions. The Moroccan pharmaceutical giant has agreed to purchase 99.99% of the company’s shares from its current shareholders, including founder Abdelaziz Razkaoui, the Cap Mezzanine III fund managed by CDG Invest Growth, and the Zine family.
The deal values Soludia Maghreb at around one billion dirhams, signaling Sothema’s intent to strengthen its position in a critical healthcare segment. As a key player in the hemodialysis market, Soludia is projected to generate 360 million dirhams in revenue for 2025, with an adjusted EBITDA of 90 million dirhams—excluding potential synergies from the merger. The agreement also includes a performance-based earn-out of up to 95 million dirhams, tied to the achievement of specific financial targets.
In a move that ensures stability during the integration period, Abdelaziz Razkaoui will continue to lead the company for at least five years. This continuity is seen as crucial for maintaining operational momentum and preserving Soludia Maghreb’s market expertise.
Sothema views the acquisition as part of a broader strategy to boost local pharmaceutical production and improve access to vital treatments. The deal is built around three strategic pillars: expanding manufacturing capabilities in dialysis care, broadening the company’s therapeutic portfolio, and accelerating international growth—particularly in West Africa and the Middle East, where demand for medical infrastructure is rising.
The transaction is still pending regulatory approvals, including clearance from Morocco’s Competition Council. If all goes as planned, the deal is expected to close before the end of the year, marking a significant step in Sothema’s ambition to become a regional healthcare powerhouse.
