Dubai: Abu Dhabi's sovereign fund Mubadala is considering buying NMC Health's core hospital business, three sources familiar with the matter told Reuters, emerging as another suitor of the troubled hospital group.
NMC, the largest private healthcare provider in the United Arab Emirates, ran into trouble last year after the disclosure of more than $4 billion in hidden debt left a many UAE and overseas lenders with heavy losses.
The company, now in administration, is exploring the possibility of selling its healthcare business in the UAE and Oman, which sources have previously said could generate around $1 billion.
Mubadala, which has over $230 billion in assets under management, is one of the investors and companies looking at the asset, said the sources.
"As an investor we regularly assess opportunities for their potential fit into our portfolio," a source close to Mubadala told Reuters.
Other suitors include Abu Dhabi state-owned holding company ADQ and Europe's largest private equity firm CVC, Reuters reported earlier this month.
Sources have told Reuters the potential sale is a price discovery exercise to determine whether NMC's business can get the value its creditors seek, or whether the business should keep the assets, complete the restructuring, and sell when they can achieve the value they want.
NMC did not immediately respond to a comment request.