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.
