Abu Dhabi's Pure Health agrees to buy 60% stake in Hellenic Healthcare

DUBAI (Reuters) - Abu Dhabi's Pure Health Holding said on Monday it had agreed to buy a 60% stake in Hellenic Healthcare Group (HHG), in a deal valuing the provider of private healthcare services in Greece and Cyprus at 2.2 billion euros ($2.31 billion).

CVC Capital Partners will retain a 35% stake in the business while HHG's CEO Dimitris Spyridis will keep the remaining 5% stake, Pure Health said in a statement, without disclosing a timeline for the completion of the deal.

Pure Health, owned by Abu Dhabi sovereign wealth fund ADQ, has been investing in recent years to grow its portfolio and expand globally.

Last year, it acquired British hospital operator Circle Health Group for around $1.2 billion, while in 2022 it snapped a 26% stake in U.S. firm Ardent Health Services.

The deal on Monday will allow Pure Health to serve a further 1.4 million patients annually, it said, noting the move underscores the firm's "ambition to diversify its revenue streams and enhance operational efficiencies."

It is also another step in Abu Dhabi's accelerating efforts to diversify its economy, as the UAE's capital invests in fields like technology and health to cut reliance on oil revenues.

AI-powered healthcare company M42, backed by one of ADQ's bigger peers Mubadala, last week announced a new operating structure to support more acquisitions and expansion into new markets.

($1 = 0.9506 euros)

(Reporting by Federico Maccioni, editing)