https://arab.news/nvcb3
DUBAI: Abu Dhabi's PureHealth Holding has agreed to buy a 60 percent stake in Hellenic Healthcare Group, in a deal valuing the provider of private healthcare services in Greece and Cyprus at €2.2 billion ($2.31 billion).
CVC Capital Partners will retain a 35 percent stake in the business while HHG's CEO Dimitris Spyridis will keep the remaining 5 percent stake, PureHealth said in a statement, without disclosing a timeline for the completion of the deal.
PureHealth, owned by Abu Dhabi sovereign wealth fund ADQ, has been investing in recent years to grow its portfolio and expand globally.
Last year, it acquired British hospital operator Circle Health Group for around $1.2 billion, while in 2022 it snapped a 26 percent stake in US firm Ardent Health Services.
“Integrating HHG into our portfolio not only reinforces our position in Europe but also creates significant value for our group by contributing to revenue diversification, driving operational synergies, and strengthening our financial performance,” said Shaista Asif, Group CEO at PureHealth.
“This move aligns with our vision of becoming a global leader in healthcare, with more than 50 percent of our revenues originating outside the GCC.”
The deal will allow PureHealth to serve a further 1.4 million patients annually, it said, noting the move underscores the firm’s “ambition to diversify its revenue streams and enhance operational efficiencies.”
It is also another step in Abu Dhabi’s accelerating efforts to diversify its economy, as the UAE’s capital invests in fields like technology and health to cut reliance on oil revenues.
AI-powered health care company M42, backed by one of ADQ’s bigger peers Mubadala, last week announced a new operating structure to support more acquisitions and expansion into new markets.