Bats are a highly successful, widely distributed group, with considerable variation in placental structure. The Egyptian slit-faced bat Nycteris thebaica is a member of one of the few families with previously undescribed placentation. It was found that, although the interhemal type of the Nycteris placenta is endotheliochorial with a single layer of cytotrophoblast, the arborizing pattern of the maternal vessels and especially the extraordinary major placental artery differs from the placenta of the emballonurid bats to which this family is considered to be most closely related. The major placental artery providing maternal blood to the vessels of the placental disk has a highly glycosylated matrix surrounded by two-layered folds of trophoblast, forming an apparently rigid structure of unique morphology. The yolk sac is collapsed, with hypertrophied endodermal and mesothelial cells similar to many other bat species. The paraplacenta is extensive with abundant fetal vessels underlying cytotrophoblast and syncytial trophoblast layers, fronting on an endometrium that largely lacks uterine epithelial cells but has large decidual cells and is poorly vascularized. The placenta of Nycteris lacks a hemophagous region, unlike the emballonurid bats Taphozous and Saccopteryx. Although the latter two species have similar placentas, the placental structure of Nycteris does little to relate it to the other family within the Emballonuroidea. Shared and divergent reproductive characters are discussed in relationship to bat phylogenetic relationships.