UAE’s largest integrated healthcare platform, Pure Health has entered into a definitive purchase agreement to acquire a minority equity investment in the US-based leading healthcare provider Ardent Health Services (Ardent) for a total investment of $500 million.
Ardent is the fourth largest privately held acute care hospital operator in the US, with 30 hospitals and more than 200 sites of care across six states, and approximately 26,000 employees.
As part of its investment, Pure Health would receive board observer rights but would not have a seat on Ardent’s board of directors.
“The investment does not include plans for either the expansion of Ardent’s physical footprint or collaboration between Ardent and Pure Health in the delivery of care,” according to the statement.
Pure Health purchased the minority stake from Equity Group Investments (EGI), a Chicago-based private investment firm and majority owner of Ardent.
Commenting on the major investment announcement, Mr. Farhan Malik, CEO of Pure Health stated that, “This landmark investment agreement marks a quantum leap for the UAE and the global healthcare industry.”
“This is an exciting opportunity for Pure Health, as we continue to build relationships with leading US healthcare providers to leverage the highest standards and best clinical practices to provide an unrivaled healthcare experience for patients in the UAE,” Mr. Malik added.
The company said that the investment is subject to customary closing conditions and will be finalized after receipt of all necessary US regulatory approvals.
Mr. Sam Zell, founder, and chairman of EGI commented that, “One of EGI’s strengths is partnering with like-minded individuals with the experience and passion for how we approach investment opportunities. We look forward to developing a productive relationship with Pure Health as they continue to explore the various dynamics of the US healthcare system.”
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
