Dubai: A subsidiary of ADX-listed PureHealth has bought a 25 per cent stake in the Sheikh Shakbout Medical City for Dh150 million, as the UAE healthcare sector continues to be in the thick of heavy deal-making activity.
The 25 per cent stake – split into 25 shares - was acquired by Abu Dhabi Health Services Company (Seha) from Mayo Clinic.
The deal values SSMC at $600 million.
The Sheikh Shakbout Medical City generated revenues of Dh2.15 billion for 2023, and which then translated into a net profit of Dh14.7 million. The entity has a capacity to treat 20,000 inpatients, 250,000 outpatients, and 70,000 emergency patients per year, according to its website.
Having opened in 2019, the Sheikh Shakbout Medical City has emerged as ‘one of the largest hospitals’ in the region. At its Abu Dhabi location, it also provides education and research departments apart from the medical center. In all there are nine specialist departments within the SSMC umbrella.
As for PureHealth, the deal will immediately be reflected in its Q1-2024 financials. PureHealth, which closed 2023 with a bumper IPO and listing on ADX, has been focusing on expanding through buying established healthcare assets. Just last week, it completed the acquisition of the UK’s largest privately-owned healthcare firm Circle Health.