Abu Dhabi’s Pure Health Holding has agreed to acquire a majority stake in Hellenic Healthcare Group (HHG), valuing the healthcare provider at €2.2 billion, marking a significant expansion into Cyprus and Greece.

As announced, HHG was previously owned 90 per cent by CVC Capital Partners, with the remaining 10 per cent held by the company’s founder.

Under the new agreement, PureHealth will take control of the largest share, while CVC Capital Partners will reduce its stake to 35 per cent.

It was also reported that HHG’s CEO, Dimitris Spyridis, will retain the remaining 5 per cent.

Pure Health, owned by the Abu Dhabi Development Holding Company (ADQ), which is a Sovereign Wealth Fund, did not disclose a timeline for completing the deal.

“This acquisition represents a significant milestone in PureHealth’s strategic expansion, reinforcing our presence in Europe and solidifying our position as a leader in healthcare,” said Shaista Asif, group chief executive officer at PureHealth.

“Integrating HHG into our portfolio not only strengthens our position in Europe but also creates considerable value for our group. It helps drive revenue diversification, operational synergies, and enhances our financial performance.”

She added, “This move is also aligned with our vision of becoming a global leader in healthcare, with more than 50 per cent of our revenues now coming from outside the GCC.”

“HHG’s transformation under CVC reflects our continued commitment to creating value and fostering growth in our portfolio companies. We’ve built a strong management team and a solid organisation,” said Alex Fotakidis, partner and head of Greece at CVC.

“Partnering with PureHealth brings us closer to achieving our growth ambitions and making a lasting impact on the communities we serve.”

The deal will enable Pure Health to serve an additional 1.4 million patients annually, further emphasising the firm’s “ambition to diversify its revenue streams and enhance operational efficiencies”.

It also represents another key step in Abu Dhabi’s broader strategy to diversify its economy, with the UAE capital increasingly investing in sectors such as technology and healthcare to reduce reliance on oil revenues.

Furthermore, Pure Health has made significant investments in recent years to expand its global portfolio. Notable acquisitions include the $1.2 billion purchase of British hospital operator Circle Health Group in 2024 and a 26 per cent stake in US-based Ardent Health Services in 2022.

HHG currently operates several hospitals in Cyprus, including Apollonion, Aretaion and the private American Medical Centre.

The group is also planning a new private hospital, American Medical, in Limassol.

Pure Health operates 114 hospitals, 316 clinics, and 145 laboratories worldwide, employing over 63,000 people in Cyprus, Greece, UAE, UK and the US.

In line with these efforts, AI-powered healthcare company M42, backed by one of ADQ’s bigger peers, Mubadala, announced last week a new operating structure to support more acquisitions and expansion into new markets.