The UAE-based PureHealth Holding PJSC, the Middle East’s largest healthcare services provider, has struck a deal to acquire a controlling stake in the Athens-headquartered Hellenic Healthcare Group as part of its international expansion strategy.
The Abu Dhabi Securities Exchange (ADX)-listed company will pick up a 60% stake in Hellenic from European private equity firm CVC Capital Partners and Hellenic CEO and founder Dimitris Spyridis.
Currently, CVC Capital holds a 90% stake in Hellenic and Syrmas owns 10%. After the transaction, CVC will retain 35% and the founder will keep the remaining 5% stake.
The deal values Hellenic, the largest private hospital operator in Greece and Cyprus, around $2.3 billion. This means PureHealth will shell out about $1.4 billion for the acquisition.
HHG operates seven hospitals: Metropolitan Hospital, Metropolitan General, Hygeia Hospital, Mitera, Leto, Creta Interclinic, and Apollonion. It offers all major procedures and treats 1.1 million outpatients annually. The group provides 1,500 beds, and 97 operating rooms and collaborates with more than 6,450 physicians.
CVC Capital manages $200 billion worth of assets across seven strategies including private equity, secondaries, credit, and infrastructure.
PureHealth’s latest acquisition is in line with its medium-term strategy of generating half of its revenues from outside of the Gulf Cooperation Council region.
“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. This move aligns with our vision of becoming a global leader in healthcare, with more than 50% of our revenues originating outside the GCC,” said Shaista Asif, Group CEO at PureHealth.
The latest deal comes almost 18 months after PureHealth in August 2023 acquired Circle Health Group, the UK’s largest independent operator of hospitals, for $1.2 billion. In 2022, it had acquired a 26.05% stake in US-based healthcare company Ardent Health Service for $490.2 million.
In 2023, PureHealth had acquired Dubai-based cloud and technology services provider PureCS for an undisclosed amount from Alpha Dhabi Holding and International Holding Company. The acquisition was aimed to allow PureHealth to accelerate the digital transformation across its network of hospitals, clinics, diagnostic laboratories, and pharmacies.
PureHealth was founded in 2006. It listed on the ADX in December 2023, raising about $985 million. The company has a network of more than 25 hospitals, 160 laboratories, 100 clinics, and a workforce of more than 24,000 employees.
