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Pure Health buys stake in Greece’s Hellenic Healthcare

City, Architecture, Building Hellenic Healthcare Group
Hellenic Healthcare has a network of 10 hospitals and 16 diagnostic centres across Greece and Cyprus

Abu Dhabi-listed Pure Health has agreed to purchase a 60 percent stake in Hellenic Healthcare, an Athens-based private healthcare services provider.

The transaction values Hellenic Healthcare at €2.2 billion ($2.31 billion).

The sellers – CVC Capital Partners VI and the founder of Hellenic Healthcare – will retain 35 percent and 5 percent stakes in the business after the deal.

No timeline for the deal’s completion was given. The closure of the transaction is subject to regulatory approvals.

Shaista Asif, group CEO of PureHealth, said the deal will contribute to the company’s goal of generating more than 50 percent of its revenues outside the GCC.

The Greek and Cypriot healthcare markets present a highly attractive untapped opportunity with favourable growth prospects, he said.

Hellenic Healthcare has a network of 10 hospitals and 16 diagnostic centres across Greece and Cyprus. It reported a revenue of €564 million ($588 million) in 2023.  

Last year Pure Health, owned by Abu Dhabi’s ADQ, bought UK hospital operator Circle Health Group for $1.2 billion.

In 2022, it bought a 26 percent stake in US firm Ardent Health Services for $500 million.

Pure Health listed on the Abu Dhabi Securities Exchange (ADX) in December 2023 at a price of AED3.26 per share. On the first day of trading the price surged 76 percent to AED5.74. However at the time of writing the share price was AED3.57.