PureHealth, the Middle East’s largest healthcare group, is making bold moves to expand its global presence. Based in Abu Dhabi, the company has already made waves with its acquisition of a 60% stake in Hellenic Healthcare Group (HHG), the largest private healthcare provider in Greece and Cyprus, earlier this year. PureHealth is reportedly in advanced talks to acquire Luz Saude, a leading hospital operator in Portugal, which could become its second major European acquisition. This move underscores PureHealth’s ambition to become a global healthcare leader, leveraging its financial strength and strategic vision to tap into Europe’s growing private healthcare market.
First European Deal: Hellenic Healthcare Group
In January 2025, PureHealth finalized a landmark deal to acquire a 60% stake in Hellenic Healthcare Group (HHG) for EUR 2.2 billion. HHG, the largest private healthcare provider in Greece and Cyprus, operates 10 hospitals and 16 diagnostic centers, serving approximately 1.4 million patients annually. With over 1,600 beds and a workforce of more than 6,700 healthcare professionals, HHG offers specialized services, including oncology, cardiology, neurosurgery, IVF, and home care.
Before the acquisition, CVC Capital Partners VI owned 90% of HHG, with the remaining 10% held by HHG’s CEO, Dimitris Spyridis. Post-acquisition, PureHealth holds 60%, CVC retains 35%, and Spyridis keeps 5%. The deal received regulatory approval from the European Commission on March 20, 2025, allowing PureHealth to integrate HHG into its global operations.
Hamad Al Hammadi, Chairman of PureHealth, highlighted the deal’s significance, stating, “Our collaboration with international leaders like CVC highlights PureHealth’s ability in driving growth at scale.” Similarly, Shaista Asif, Group CEO, noted, “This acquisition represents a significant milestone in PureHealth’s strategic expansion, allowing us to bring our expertise and innovation to new markets”. The acquisition aligns with PureHealth’s goal to diversify its revenue, targeting over 50% from outside the Gulf Cooperation Council (GCC) markets.
Potential Second Deal: Luz Saude
PureHealth is now setting its sights on Luz Saude, a Portugal-based hospital operator that manages 20 hospitals across Portugal and Madeira. Luz Saude is currently owned by Fidelidade, which is controlled by China’s Fosun and Caixa Geral de Depositos. Reports indicate that PureHealth is in advanced negotiations to acquire Luz Saude, which would mark its second back-to-back deal in Europe.
Analysts view the potential acquisition as a strategic fit for PureHealth’s global expansion plans. The European healthcare market, particularly in Southern Europe, is experiencing growing demand for private healthcare services due to high out-of-pocket spending and increasing infrastructure investments. However, analysts also caution that PureHealth is selective in its acquisitions, and the deal’s success depends on achieving a fair valuation.
| Deal Details | Hellenic Healthcare Group (HHG) | Luz Saude (Potential) |
| Location | Greece and Cyprus | Portugal and Madeira |
| Stake | 60% | Under negotiation |
| Valuation | EUR 2.2 billion | Not disclosed |
| Operations | 10 hospitals, 16 diagnostic centers, 1.4M patients annually | 20 hospitals |
| Ownership | PureHealth (60%), CVC (35%), Spyridis (5%) | Fidelidade (Fosun, Caixa Geral de Depositos) |
| Status | Completed, approved March 2025 | In advanced talks |
PureHealth’s Financial Performance
PureHealth’s robust financial performance underpins its ability to pursue these high-profile acquisitions. In the first quarter of 2025, the company reported revenues of Dh6.58 billion, a 7.6% increase from the previous year, and a net profit of Dh505 million. These figures demonstrate PureHealth’s financial stability and capacity to invest in strategic growth opportunities.
The company’s strong balance sheet has also supported previous acquisitions, such as the USD 1.2 billion purchase of Circle Health Group in the UK and a USD 500 million investment for a 26.05% stake in Ardent Health Services in 2022, which went public on the NYSE in July 2024. These financial achievements position PureHealth to negotiate and potentially finalize the Luz Saude deal.
Strategic Implications
PureHealth’s European acquisitions are part of a broader strategy to diversify its revenue streams and reduce reliance on GCC markets. By targeting established healthcare providers like HHG and potentially Luz Saude, PureHealth aims to achieve over 50% of its revenues from international markets. This approach enhances its global presence and allows the company to introduce its innovative healthcare solutions to new regions.
The European healthcare market offers significant opportunities due to increasing demand for private services and ongoing infrastructure investments. PureHealth’s acquisitions enable it to leverage local expertise while integrating its own best practices, such as advanced technology and patient-centered care models. These deals also signal a growing trend of Middle Eastern companies investing in European healthcare, potentially reshaping the industry landscape.
PureHealth’s pursuit of a second European deal with Luz Saude, following its successful acquisition of HHG, highlights its ambition to become a global healthcare leader. While the HHG deal is complete, the Luz Saude acquisition remains in negotiation, with its outcome depending on valuation agreements. Supported by strong financial performance and a clear strategic vision, PureHealth is well-positioned to expand its influence in Europe. These moves strengthen PureHealth’s international portfolio and promise to enhance healthcare delivery in the regions it serves, driving innovation and improving patient outcomes.
Ayesha Ahmed
