Pure Health, the UAE’s largest healthcare group, has announced plans to acquire a 60 per cent stake in Greece’s Hellenic Healthcare Group (HHG) as part of its strategy to expand globally and diversify revenue streams.
The deal values HHG, the largest private healthcare provider in Greece and Cyprus, at €2.2 billion ($2.3 billion), Pure Health said in a statement on the Abu Dhabi Securities Exchange, where its shares are traded.
Currently, HHG is 90 per cent-owned by CVC Capital Partners VI, a fund managed by global private equity firm CVC, while its chief executive, Dimitris Spyridis, holds the remaining 10 per cent. On completion of the transaction, CVC Capital Partners VI and HHG management will retain a 40 per cent stake in the Greek company.
The transaction, subject to regulatory approvals, highlights the group's “ability in driving growth at scale", said Pure Health chairman Hamad Al Hammadi.
HHG operates 10 hospitals and 16 diagnostic centres, serving 1.4 million patients annually. With a capacity of more than 1,600 beds and a team of at least 6,700 healthcare professionals, it offers specialised medical treatment in various fields such as oncology, cardiology and neurosurgery.
Pure Health aims to integrate HHG’s infrastructure into its existing network, boosting its international operations and targeting 50 per cent of its revenue from outside the Gulf region.
The deal will add to Pure Health’s revenue diversification, streamline operations to boost efficiency and strengthen its financial performance, said Shaista Asif, group chief executive of the company, said.
The latest agreement follows previous Pure Health acquisitions in the UK and the US.
Last January, it completed the Dh4.41 billion ($1.2 billion) acquisition of UK hospital operator Circle Health Group from Centene, a US-listed healthcare company.
The Abu Dhabi company also acquired a 26.05 per cent stake in Ardent Health for $500 million in 2022 from Equity Group Investments, a US-based investment company, and supported its listing on the New York Stock Exchange last July.
Founded in 2006, Pure Health became the largest healthcare provider in the UAE in January 2022 when it merged with the healthcare subsidiaries of Abu Dhabi holding company ADQ.
In December 2023, it raised Dh3.62 billion from its initial public offering on ADX in an oversubscribed deal. It runs more than 100 hospitals and 300 clinics, as well as diagnostic centres and pharmacies.
Its portfolio includes Seha, one of the largest healthcare networks in the UAE, as well as health insurance company Daman and healthcare procurement company Rafed.
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
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ODI: Tim Paine (capt), Aaron Finch (vice-capt), Ashton Agar, Alex Carey, Josh Hazlewood, Travis Head, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Andrew Tye.
T20: Aaron Finch (capt), Alex Carey (vice-capt), Ashton Agar, Travis Head, Nic Maddinson, Glenn Maxwell, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Mitchell Swepson, Andrew Tye, Jack Wildermuth.
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Rating: 1/5
Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
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Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
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