Dubai: The ADX-listed PureHealth is close to acquiring Hellenic Healthcare Group, the biggest hospital operator in Greece and Cyprus, according to market sources.
If the deal closes, it would mean Purehealth has bought out the stake held by the investment firm CVC in Hellenic. The latter operates 10 hospitals and takes care of more than 1.3 million patients annually.
For PureHealth, the deal would mark another step in its overseas expansion through ownership or strategic stakes in established healthcare operators. (PureHealth declined to provide any comment on the matter.)
The Abu Dhabi company kicked off its European foray after acquiring Circle Health Group, the UK’s largest private healthcare operator for $1.2 billion.
While adding to its UAE interests, PureHealth's top management has repeatedly sounded out interest in adding to its overseas healthcare portfolio. If the deal for Hellenic happens, that would fit right into this narrative.
It definitely has the financial means, with revenues of Dh12.5 billion and EBITDA of Dh2.2 billion for the first-half of 2024. The cash balance by end June 2024 was Dh7.4 billion, while bank debt came in at Dh1.9 billion.
