United Arab Emirates (UAE)-based healthcare group PureHealth Holding has agreed to acquire a 60% stake in Hellenic Healthcare Group (HHG) in a transaction worth $2.3bn.
HHG is a large-scale healthcare provider in Greece and Cyprus, which is currently owned 90% by CVC Capital Partners VI and 10% by the founder of HHG.
CVC is a global private markets manager with around $201bn of assets under management.
PureHealth will acquire a 60% stake in HHG, with CVC Capital Partners retaining a 35% stake, and the remaining 5% held by the founder.
PureHealth chairman Hamad Al Hammadi said: “Our collaboration with international leaders like CVC highlights PureHealth’s ability to drive growth at scale.
“The expansion into Europe through Hellenic Healthcare Group strengthens our position as a global healthcare leader and our commitment to delivering transformative care and setting new standards of excellence globally.”
HHG provides healthcare in Greece and Cyprus, delivering advanced medical services across a network of 10 hospitals and 16 diagnostic centres across Greece and Cyprus.
With a capacity of over 1,600 beds, the group serves around 1.4 million patients each year, through a team of more than 6,700 healthcare professionals.
The firm provides a full spectrum of medical specialities with expertise in oncology, cardiology, and neurosurgery, fields along with IVF treatments and homecare services.
PureHealth partners with CVC in healthcare investments to strengthen its expansion plan.
Funds managed or advised by CVC invest in around 130 companies worldwide, which have combined annual sales of over $166bn and employ over 610,000 people.
CVC partner and Greece head Alex Fotakidis said: “HHG’s transformation under CVC reflects our unwavering commitment to creating value and fostering growth in our portfolio companies.
“We have a very strong management team who have built a quality organisation and we, together with our partners are looking forward to expanding the HHG platform to deliver better value to our patients.
“Partnering with PureHealth brings us closer to achieving our growth ambitions and making a meaningful impact on the communities we serve.”
According to PureHealth, Greek and Cypriot healthcare markets present a highly attractive, untapped opportunity, characterised by favourable growth prospects.
Its acquisition of a majority stake in HHG aligns with PureHealth’s broader strategy to expand, using its scale and capabilities to consolidate its position in Greece.
With a focus on driving innovation, operational excellence, and patient outcomes, PureHealth aims to set new benchmarks for healthcare delivery across its global network.
Upon closing of the transaction, which is subject to regulatory approvals and closing conditions, HHG infrastructure and services will be integrated into PureHealth’s network.
PureHealth CEO Shaista Asif said: “This acquisition represents a significant milestone in PureHealth’s strategic expansion, reinforcing our presence in Europe and further solidifying our position as a leader in healthcare.
“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.”
Last year, the group completed the acquisition of Circle Health Group, the UK’s largest independent operator of hospitals, for around $1.2bn.
