Health

PureHealth acquires UK’s Circle Health for $1.2bn

By Pramod Kumar

January 15, 2024, 9:31 AM

The acquisition of Circle Health Group by the UAE's PureHealth achieved regulatory approvals in record time

PureHealth, the largest healthcare platform in the Middle East, has acquired Circle Health Group, the UK’s largest operator of hospitals, for $1.2 billion, as part of its global expansion strategy.

The deal completion achieved regulatory approvals in record time, the company said in a statement.

“After investing in Ardent Health USA, this is PureHealth’s second international acquisition and we look forward to building our portfolio internationally,” said Hamad Al Hammadi, chairman of PureHealth

Farhan Malik, managing director of PureHealth, said: “Completing the acquisition of Circle is a strategic leap forward for PureHealth.”

PureHealth is planning acquisitions locally and globally this year.

Shares in the Abu Dhabi company gained more than 70 percent on its debut on the UAE capital’s bourse last month.

The healthcare provider, part-owned by the Abu Dhabi sovereign fund ADQ, sold 10 percent of its stock at AED 3.26 ($0.89) per share in an initial public offering that raised AED 3.62 billion ($986 million).

The conglomerate made a third-quarter net loss of AED 76.1 million as costs and taxes outstripped revenue, plunging from a profit of AED 518.2 million in the same period in 2022.

Its subsidiaries include Abu Dhabi Health Services Company, which operates a network of hospitals and clinics in the UAE, and the health insurer Daman.