PureHealth Holding PJSC (“Purehealth” or “The Group”) (ADX symbol: Purehealth), the largest health service group in the Middle East, has agreed to be available to a share of 60 % at the Hellenic Healthcare Group (HHG), the largest private Health service providers in Greece and Cyprus. The value of the HHG amounts to $ 2.3 billion. The HHG is currently in 90 % owned by CVC Capital Partners VI and 10 % in possession of the HHG founder. PureHealth will acquire a share of 60 % of the HHG, with CVC Capital Partners retaining 35 % of the shares, while the remaining 5 % of the company is kept by the founder.
- The transaction strengthens the global presence of Purehealth by a strategic partnership with the existing donor CVC Capital Partners (“CVC”).
- The Hellenic Healthcare Group (“HHG”) has grown sharply in recent years and is now a leading provider in European healthcare system with 10 hospitals and 16 diagnostic centers in Greece and Cyprus.
- As soon as the takeover has been completed, the infrastructure and the services of HHG are integrated into the Purehealth network, which increases the services to around 1.4 million patients per year.
The HHG quickly positioned itself as a leading provider in the European healthcare system in Greece and Cyprus and offers advanced medical services via a network of 10 hospitals and 16 diagnostic centers in Greece and Cyprus. With a capacity of over 1,600 beds, the group supplies around 1.4 million patients annually with a team of more than 6,700 medical specialists. The HHG offers services in a broad spectrum of medical specialist areas with expertise in complex areas such as oncology, cardiology and neurosurgery as well as services such as in vitro fertilization (IVF) with over 6,000 cycles annually and comprehensive home care services.
Purehealth’s partnership with CVC in investments in healthcare shows the strength of PureHealth’s international expansion plan. CVC is a worldwide leading private markets manager with a managed assets of around $ 201 billion. The funds managed or advised as part of the private equity strategy of CVC are invested in around 130 companies worldwide, which together achieve annual sales of over $ 166 billion and employ more than $ 610,000. Purehealth and CVC will work closely together and combine their specialist knowledge in order to expand the HHG into a larger company.
The Greek and the Cypriot health market offers highly attractive unused opportunities that are characterized by favorable growth prospects. A considerable part of the health expenditure in Greece is paid out of its own pocket, which indicates an unexpected need and opportunities for private health service providers to conclude critical gaps in terms of access and quality. The market dynamics are supported by growing demand for advanced medical services, increasing concentration on private health solutions and increasing investments in health infrastructure.
The takeover is in line with the general expansion strategy of Purehealth, which uses its size and skills to consolidate the position of the HHG in Greece. With a focus on promoting innovation, operational excellence and patient results, Purehealth wants to set new standards for health care in its global network.
Hamad Al Hammadi, Chairman von PureHealth, commented: “Our cooperation with international leading companies such as CVC underlines Purehealth’s ability to promote growth to a large extent. The expansion to Europe through the Hellenic Healthcare Group strengthens our position as a worldwide leading company in healthcare and our commitment to offer transformative care and to set new standards worldwide. “
Shaista Asif, Group Chief Executive Officer bei PureHealth, sagte: „This acquisition represents an important milestone in the strategic expansion of Purehealth. It strengthens our presence in Europe and further strengthens our position as a leading company in the healthcare sector. The integration of the HHG into our portfolio not only strengthens our position in Europe, but also creates a significant value for our group, by contributing to sales diversification, promoting operational synergies and strengthening our financial performance. This step is in line with our vision of becoming a worldwide leading company in healthcare, with more than 50 % of our sales outside the countries of the Golf Cooperation Council. “
After completing the transaction, CVC Capital Partners VI and HHG management will hold a share of 40 % in the HHG and continue to support growth and transformation of the company as a strategic partner. This partnership ensures that the HHG benefits from the combined expertise, the resources and global networks from both Purehealth and CVC in order to advance operational efficiency and to open up further opportunities in the health sector.
Alex Fotakidis, Partner and Head of Greece at CVC, added: “The transformation of the HHG under CVC reflects our tireless commitment to creating values and promoting the growth of our portfolio companies. We have a very strong management team that has built up a quality organization and we look forward to expanding the HHG platform together with our partners in order to be able to offer our patients a greater value. The partnership with Purehealth brings us closer to the realization of our growth goals and a significant influence on the communities in which we offer our services. “
The conclusion of the transaction is subject to the approval of the supervisory authorities and the usual final conditions. Further details will be announced after completion.
Purehealth has continuously expanded its portfolio and established itself as a worldwide leading company in the healthcare sector. Last year, the group completed the takeover of the Circle Health Group, the largest independent hospital operator in Great Britain, for around $ 1.2 billion. In addition, Purehealth acquired a 26.05%participation in Ardent Health Services for $ 500 million in 2022 and supported its successful IPO on the New York Stock Exchange in July last year.
These strategic steps underline the efforts of Purehealth to diversify its revenue flows, to improve operational efficiency and to offer first -class health solutions worldwide. In addition, Purehealth’s international acquisition and value creation capacity is emphasized by showing that all assets acquired by Purehealth internationally acquired from financial institutions and established counterparties. Ardent Health was acquired by Equity Group Investments, a US investment company founded by the late Sam Zell; Circle Health was bought by Centene, a healthcare company that is listed in the USA; And now HHG has been taken over by CVC Capital Partners, a leading private equity company in Europe.
Information on CVC
CVC is a leading global private markets manager with a network of 30 branches in the EMEA region, in North and South America and in Asia and manages a fortune of around 191 billion euros. CVC has seven complementary strategies in the areas of private equity, secondaries, loan and infrastructure, for which CVC funds have received commitments of around 240 billion euros from some of the world’s leading pension funds and other institutional investors. The funds managed or advised as part of the private equity strategy of CVC are invested in around 130 companies worldwide, which together achieve annual sales of over 158 billion euros and employ more than 610,000 employees. More information about CVC can be found on: https://www.cvc.com/. Follow us LinkedIn.
Information about Purehealth
By promoting the science of longevity, Purehealth introduces the health care of the future from the United Arab Emirates in the rest of the world. Purehealth is the largest health group in the Middle East with an ecosystem that questions the previous ideas about life expectancy and redefines the health range. With more than 100 hospitals, more than 300 clinics, several diagnostic centers, health insurance solutions, pharmacies, health technology, procurement, investments and much more, the company with its groundbreaking innovations is at the forefront of the healthcare system and has set itself the task for humanity to win.
Belong to the Purehealth network:
- Cut – One of the largest networks of hospitals and clinics in the United Arab Emirates (VAE)
- Ambulatory Healthcare Services (AHS) – Provision of comprehensive community -based health services
- Daman (The National Health Insurance Company) – The leading health insurer of the VAE
- The Medical Office – supervision of the Sheikh Khalifa hospitals and health facilities that were built on the initiative of the President of the United Arab Emirates
- RAFED – The largest shopping organization for healthcare in the VAE
- Purelab – Administration and operation of the largest laboratory network in the region
- One Health – a network that End-to-end health solutions for over 300 health service providers offers
- The Life Corner – Abu Dhabi’s first holistic pharmacy that offers health and wellness
- Ardent Health Services – The fourth largest private operator of acute clinics in the USA
- Circle Health Group – The largest independent operator of hospitals in Great Britain
- PureCS – A leading provider of cloud and technology services that specializes in IT management and consulting solutions, cyber security, cloud services and AI information systems
- Sheikh Shakhbout Medical City (SSMC) – The largest health complex of the VAE, which offers integrated complex care
You can find more information at www.purehealth.ae
Photo – https://mma.prnewswire.com/media/2606707/PureHealth.jpg
View original content:https://www.prnewswire.com/news-releases/purehealth-erwirbt-mehrheitsbeteiligung-an-der-hellenic-healthcare-group-in-einer-2-3-milliarden-dollar-transaktion-302362599.html