PureHealth has agreed to acquire Circle Health Group of the UK from US company Centene in a deal worth $1.2bn as the United Arab Emirates’ largest healthcare provider extends its international expansion ambitions.
PureHealth is owned by a consortium that includes Abu Dhabi state holding company ADQ and Alpha Dhabi, a listed company that is part of the conglomerate International Holding Company (IHC). They are controlled by the UAE’s powerful national security adviser, Sheikh Tahnoon bin Zayed al-Nahyan, who also chairs the emirate’s main sovereign wealth fund, the Abu Dhabi Investment Authority.
Circle operates the largest network of private hospitals in the UK with more than 50 sites across the country and about 8,200 employees. It has revenues of about $1.3bn.
“We are confident that it [the acquisition] will position us for continued growth and success,” said Hamad Al Ameri, chief executive of Alpha Dhabi.
The Circle deal is the latest example of Abu Dhabi’s global acquisition drive as it seeks to deploy excess hydrocarbon revenues into fast-growing sectors that can help diversify its oil-reliant economy.
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Source: FT
Date: 29 August