PureHealth Holding PJSC, the Middle East’s largest healthcare group, has announced its acquisition of a 60% stake in Hellenic Healthcare Group (HHG), the leading private healthcare provider in Greece and Cyprus. The transaction values HHG at $2.3 billion (£1.86 billion).
HHG operates 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, supported by a workforce of over 6,700 healthcare professionals. Its portfolio spans a range of specialties, including oncology, cardiology, and neurosurgery, alongside services such as IVF treatments, which account for more than 6,000 cycles each year.
The deal strengthens PureHealth’s international footprint, marking its continued expansion beyond the GCC region. CVC Capital Partners VI, which currently owns 90% of HHG, will retain a 35% stake, while the founder of HHG will hold the remaining 5%.
Hamad Al Hammadi, Chairman of PureHealth, described the acquisition as a step forward in the group’s global ambitions. “Expanding into Europe through Hellenic Healthcare Group reinforces our position as a global healthcare leader. This partnership reflects our dedication to transformative care and sets new benchmarks for healthcare excellence globally,” he said.
Shaista Asif, Group CEO of PureHealth, echoed these sentiments, noting the strategic importance of the deal. “This acquisition not only diversifies our revenue streams but also enhances operational synergies and strengthens financial performance. It aligns perfectly with our vision to generate more than half of our revenues from outside the GCC,” she said.
The Greek and Cypriot healthcare markets offer promising growth opportunities, with significant out-of-pocket healthcare spending indicating unmet demand. This dynamic presents private providers with the chance to address critical gaps in accessibility and quality.
PureHealth’s partnership with CVC Capital Partners aims to expand HHG’s reach, combining their expertise to create a larger and more impactful organisation. CVC, a global private markets manager with $201 billion in assets under management, highlighted its commitment to fostering growth in its portfolio companies.
Alex Fotakidis, Partner and Head of Greece at CVC, said: “HHG’s transformation under our stewardship has been remarkable. With PureHealth as a partner, we look forward to expanding HHG’s platform and delivering even greater value to the communities we serve.”
The transaction, subject to regulatory approvals and customary closing conditions, follows PureHealth’s recent acquisitions of Circle Health Group in the UK and a stake in Ardent Health Services in the US. Together, these moves underline the group’s ambition to establish itself as a global healthcare leader, leveraging its scale and capabilities to drive innovation and improve patient outcomes worldwide.
PureHealth’s expansion highlights its strategy of acquiring assets from established financial institutions and private equity firms, showcasing its ability to create value and deliver world-class healthcare solutions on an international scale.
