OR PureHealth Holding PJSC of Abu Dhabi acquires a majority stake in a Greek hospital chain from CVC Capital Partnersbolstering the emirate’s efforts to expand into the sector and diversify its economy away from oil.

The deal values ​​her Hellenic Healthcare Group (HHG) to about 2.3 billion dollars and the Emirati company – controlled by sovereign wealth fund ADQ – will take a 60% stake, PureHealth said in a statement on Monday. CVC will retain 35% ownership and the company’s founder will hold the remainder. It is clarified that currently, HHG is 90% owned by CVC Capital Partners VI and 10% by Mr. Dimitris SpyridisCEO of HHG, who will retain 5% of the company.

For PureHealth, the deal marks its latest international acquisition effort. In 2023, it agreed to buy UK-based Circle Health Group, as well as a minority stake in US-based Ardent Health Services. The company, which has a stock market value of about 11 billion. dollars, operates more than 100 hospitals and over 300 clinics with more than 56,000 employees.

As noted by the Bloomberg agency, HHG operates approximately 10 hospitals and 16 diagnostic centers throughout Greece and Cyprus, with a capacity of more than 1,600 beds, which will be integrated into PureHealth once the agreement is completed.

The move brings PureHealth closer to its goal of generating 50% of its revenue outside the Gulf Cooperation Council, CEO Shaista Asif told Bloomberg. (The Cooperation Council for the Arab States of the Gulf, originally known as the Gulf Cooperation Council, GCC, is a regional intergovernmental political and economic union consisting of all the Arab states of the Persian Gulf, except Iraq). The company currently generates about a third of its revenue outside the region, Shaista Asif added.

Health care is a key pillar of Abu Dhabi’s effort to expand its economy, the international agency notes. PureHealth, which raised about $986 million dollars from going public in 2023, has also considered acquiring hospital operator NMC Healthcare, according to Bloomberg.

The emirate is also home to M42, a company backed by Mubadala Investment and artificial intelligence firm G42, which is looking to expand into Europe, Latin America and Asia. Meanwhile, ADQ last year consolidated some of its pharmaceutical assets to create one of the region’s largest life sciences companies, with operations on four continents.

It is noted that Hellenic Healthcare Group was founded in 2018.

According to the company’s website, HHG’s clinics:

  • They treat about 1.3 million patients per year
  • They work with more than 6,662 doctors
  • They employ more than 5,359 workers
  • They have 1,630 hospital beds
  • They have 108 operating rooms & 34 delivery rooms
  • They perform 101,418 surgeries per year
  • They perform 9,691 births per year
  • They utilize 12 robotic surgical systems
  • 10 latest generation magnetic tomographs are in operation
  • They have 27 state-of-the-art ambulances

HHG Group, the largest group of health services in Greece, has 9 leading clinics: Health, Metropolitan Hospital, Mother, Metropolitan General, Leto, Creta InterClinic in Crete, City Hospital in Kalamata, Apollonia Private Hospital and Aretaiio in Cyprus. It also has advanced diagnostic centers HealthSpot, Plato Diagnosis, Prognosis and Democritusthe Homecare home health servicess, Center for Molecular Biology and Genomics A-Labthe Assisted Reproduction Unit Health IVF Embryogenesisthe Y-Logimed and the GMP with the object of trading medical technology products, the company Business Care with occupational safety and health services in businesses and organizations and the Heal Academy Training Center for education, further education, training and research in medicine, nursing and all health sciences.