Abu Dhabi's PureHealth completes $933m deal for majority stake in Greece's Hellenic

UAE company gains access to 11 hospitals and nearly 7,000 medical staff across Greece and Cyprus

PureHealth is the largest healthcare group in the UAE. Photo: PureHealth

Abu Dhabi's PureHealth, the largest healthcare group in the UAE, has completed the acquisition of a majority stake in Greece's Hellenic Healthcare Group, strengthening its global expansion and revenue streams.

The €800 million ($932.7 million) transaction gives PureHealth a 60 per cent shareholding in the Athens-based HHG and implies a 100 per cent equity valuation of €1.3 billion, PureHealth said on Tuesday.

CVC Capital Partners and HHG management will retain a 40 per cent stake in HHG. Before the transaction, HHG was 90 per cent owned by CVC Capital Partners, while HHG chief executive Dimitris Spyridis held the remaining 10 per cent.

The deal will give PureHealth access to HHG’s 11 hospitals, 23 diagnostic centres and more than 6,900 healthcare professionals, who collectively serve about 1.4 million patients annually, it added.

HHG, the largest private healthcare provider in Greece and Cyprus, also invests in medical scientific research and recruits specialised scientific personnel locally and from overseas, according to its website.

The acquisition plans were announced in January, with PureHealth aiming to integrate HHG’s infrastructure into its existing network, enhancing its international operations and targeting 50 per cent of its revenue from outside the Gulf region.

PureHealth's investment is aimed at creating “a globally connected healthcare platform”, chairman Kamal Al Maazmi said.

"PureHealth has demonstrated the ability to source, execute and secure regulatory approvals in mature markets, reflecting its strengths and international credibility,” he said.

“With HHG, we are now expanding into new geographies, facilitating knowledge exchange and fostering innovation that will enhance patient outcomes across our network.”

The deal for HHG deal is expected to add to PureHealth’s revenue diversification, streamline operations to improve efficiency and strengthen its financial performance.

Before the HHG deal, PureHealth completed a Dh4.41 billion ($1.2 billion) acquisition of UK hospital operator Circle Health Group from Centene, a US-listed healthcare company, in January last year.

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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 in July last year.

PureHealth is also focusing on the application of the latest technologies, particularly artificial intelligence, to help expand its digital footprint and enable it to “transform healthcare delivery on a global scale”, chief executive group chief executive Shaista Asif said.

“Being able to rely on best-in-class talent, from doctors and scientists to cutting-edge technology, across our global network gives us the edge as we build synergies and innovate across our platform,” she added.

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 the Abu Dhabi Securities Exchange 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.

For the first half of this year, PureHealth's net profit rose 2.4 per cent year on year to nearly Dh1.03 billion, driven by an 8.6 per cent increase in revenue, which reached Dh13.6 billion.