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PureHealth acquires majority stake in European healthcare firm

Transaction reinforces PureHealth’s global presence through a strategic partnership with existing backer CVC Capital Partners

Published: Mon 27 Jan 2025, 10:12 PM

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Officials at the signing ceremony. — Supplied photo

Officials at the signing ceremony. — Supplied photo

PureHealth Holding, the largest healthcare group in the Middle East, has agreed to acquire a 60 per cent stake in Hellenic Healthcare Group (HHG), the largest private healthcare provider in Greece and Cyprus, in a transaction that values HHG at $2.3 billion.

HHG is currently owned 90 per cent by CVC Capital Partners VI and 10 per cent by the founder of HHG. PureHealth will acquire a 60 per cent stake in HHG, with CVC Capital Partners retaining 35 per cent ownership, while the remaining five per cent stake in the company is held by the founder.

Following completion of the transaction, CVC Capital Partners VI and HHG Management will retain a 40 per cent stake in HHG, continuing as a strategic partners to support the Company’s growth and transformation.

HHG has rapidly positioned itself as a leading provider in European 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 approximately 1.4 million patients annually through a team of more than 6,700 healthcare professionals. HHG offers a full spectrum of medical specialties with expertise in complex fields such as oncology, cardiology, and neurosurgery, along with services including IVF treatments performing over 6,000 cycles annually and comprehensive homecare services.

PureHealth partnering with CVC in healthcare investments shows strength in its international expansion plan. CVC is a leading global private markets manager with approximately $201 billion of assets under management. Funds managed or advised by CVC’s private equity strategy are invested in approximately 130 companies worldwide, which have combined annual sales of over $166 billion and employ over 610,000 people. PureHealth and CVC will collaborate closely, combining their expertise to expand HHG into a larger organisation.

The Greek and Cypriot healthcare markets present a highly attractive, untapped opportunity, characterised by favourable growth prospects, officials said. “A significant proportion of healthcare spending in Greece is out-of-pocket, indicating unmet demand and opportunities for private healthcare providers to fill critical gaps in accessibility and quality. The market dynamics are supported by a growing demand for advanced medical services, a rising focus on private healthcare solutions, and increasing investment in healthcare infrastructure,” a statement said.

The acquisition aligns with PureHealth’s broader expansion strategy, leveraging its scale and capabilities to consolidate HHG’s position in Greece.

Hamad Al Hammadi, chairman of PureHealth, said: “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.”

Shaista Asif, group chief executive officer at PureHealth, commented: “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 per cent of our revenues originating outside the GCC.”

Alex Fotakidis, partner and head of Greece at CVC, added: “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.”

The closing of the transaction is subject to regulatory approvals and customary closing conditions.

PureHealth has consistently expanded its portfolio, establishing itself as a global healthcare leader. Last year, the group completed the acquisition of Circle Health Group, the UK’s largest independent operator of hospitals, for approximately $1.2 billion. Additionally, PureHealth acquired a 26.05 per cent stake in Ardent Health Services for $500 million in 2022 and supported its successful IPO on the New York Stock Exchange in July last year.



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