Greece’s Hellenic Healthcare Group, the largest private health care group in the country, is being sold to Abu Dhabi’s PureHealth Holding it was announced on Monday.
The Abu Dhabi colossus is buying a majority stake in hospitals controlled by CVC Capital Partners in Greece, as part of the emirate’s efforts to expand into the sector and diversify its economy away from oil.
The deal values Hellenic Healthcare Group at about $2.3 billion and the Emirati company — controlled by sovereign wealth fund ADQ — will acquire a 60 percent stake, PureHealth said.
CVC will retain 35 percent of the business and the company’s founder, Dimitris Spyridis, will hold the rest.
HHG the biggest private health care operator in Greece
The Hellenic Healthcare Group (HHG) operates 10 hospitals and 16 diagnostic centers across Greece and Cyprus, with a capacity of more than 1,600 beds, which will be integrated into PureHealth once the deal is completed.
Established in 2018 in order to play a leading role in the continuous development of medical and nursing care, a market that presents significant opportunities and prospects in Greece.
According to its website, it is committed in implementing an ambitious vision for modernizing health services along the highest standards and promoting Greece internationally as a pioneer in medical and nursing care.
The Group owns and develops standard hospital units and centers (Center of Excellence) that feature high quality and internationally competitive health services, invest in medical scientific research and seek to constitute a magnet attracting specialized scientific personnel from Greece and abroad, at the same time reversing the “brain drain” in the health sector.
Specifically, Hellenic Healthcare Group controls the following hospitals:
- Hygeia
- Metropolitan Hospital
- Mitera
- Metropolitan General
- Lito
- Creta Interclinic
- City Hospital in Kalamata
- Apollonio
- Aretaeio in Cyprus
PureHealth has a market value of approximately $11 billion
PureHealth is controlled by the Sovereign Wealth Fund ADQ, the state investment fund of Abu Dhabi. It has a market value of approximately $11 billion, and operates more than 100 hospitals and over 300 clinics with more than 56,000 employees.
For PureHealth, the deal marks its latest international expansion move. In 2023, it agreed to buy the British Circle Health Group as well as a minority stake in US-based Ardent Health Services.
The move brings PureHealth closer to its goal of generating 50 percent of its revenue outside the Gulf Cooperation Council, Chief Executive Officer Shaista Asif told Bloomberg. The company currently generates about a third of its revenue outside the region, she added.
Healthcare is a key pillar of Abu Dhabi’s drive to expand its economy.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
