- Reinforces PureHealth’s global presence through a strategic partnership with existing backer CVC Capital Partners (“CVC”)
- Hellenic Healthcare Group (“HHG”) has grown strongly in recent years and is today a leading provider in European healthcare with 10 hospitals and 16 diagnostic centres across Greece and Cyprus
- The acquisition once complete, will integrate HHG infrastructure and services into PureHealth’s network, extending services to approximately 1.4 million patients annually
PureHealth Holding PJSC (“PureHealth” or “the Group”) (ADX Symbol: PUREHEALTH), the largest healthcare group in the Middle East, has agreed to acquire a 60% stake in Hellenic Healthcare Group (HHG), the largest private healthcare provider in Greece and Cyprus, in a transaction that values HHG at EUR 2.2 billion. HHG is currently owned 90% by CVC Capital Partners VI and 10% by Mr Dimitris Spyridis, HHG CEO. PureHealth will acquire a 60% stake in HHG, with CVC Capital Partners VI retaining 35% ownership, while CEO Dimitris Spyridis will retain a 5% stake in the company.
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.
The Greek and Cypriot healthcare markets present a highly attractive, untapped opportunity, characterised by favourable growth prospects. 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.
The acquisition aligns with PureHealth’s broader expansion strategy, leveraging its scale and capabilities to consolidate HHG’s position in Greece. With a focus on driving innovation, operational excellence, and patient outcomes, PureHealth aims to set new benchmarks for healthcare delivery across its global network.
Hamad Al Hammadi, Chairman of PureHealth, said: “Our collaboration with international leaders like CVC highlights PureHealth’s ability in driving growth at scale. 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: "This acquisition represents a significant milestone in PureHealth’s strategic expansion, reinforcing our presence in Europe and further solidifying our position as a leader in healthcare. 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% of our revenues originating outside the GCC."
Following completion of the transaction, CVC Capital Partners VI and HHG Management will retain a 40% stake in HHG, continuing as a strategic partners to support the Company’s growth and transformation. This partnership ensures that HHG will benefit from the combined expertise, resources, and global networks of both PureHealth and CVC, driving operational excellence and unlocking further opportunities in the healthcare sector.
HHG’s transformation under CVC reflects our unwavering commitment to creating value and fostering growth in our portfolio companies.
Alex Fotakidis Partner and Head of Greece at CVC
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. Partnering with PureHealth brings us closer to achieving our growth ambitions and making a meaningful impact on the communities we serve”.
Dimitris Spyridis, HHG CEO, added: “We are proud of the group we have built and the quality of services we offer our clients and patients across the HHG network. We are excited about this next chapter with PureHealth as our majority shareholder as we continue to invest in our people, technology and facilities with the goal of further establishing HHG as the premier private healthcare services provider in the region”.
The closing of the transaction is subject to regulatory approvals and customary closing conditions. Further details will be announced upon completion.
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 USD 1.2 billion. Additionally, PureHealth acquired a 26.05% stake in Ardent Health Services for USD 500 million in 2022 and supported its successful IPO on the New York Stock Exchange in July of last year.
These strategic moves underscore PureHealth’s ambition to diversify its revenue streams, enhance operational efficiencies, and deliver world-class healthcare solutions globally.