[ad_1]
Pure Health, the largest integrated healthcare platform of the UAE, will acquire a minority equity stake in Ardent Health Services, a leading US healthcare provider based in Tennessee, for a total investment of $500 million.
The investment in Ardent, the fourth largest private hospital operator in the US with operations across six states, expands Pure Health’s footprint in the US healthcare market.
The investment is subject to customary closing conditions and will be finalised after receipt of all necessary US regulatory approvals.
Purchase from EGI
Ardent has 30 hospitals and more than 200 sites of care across six states and approximately 26,000 employees. Pure Health, Alpha Dhabi Holding subsidiary, would achieve a minority equity investment by purchasing an interest in Ardent from Equity Group Investments (EGI), a Chicago-based private investment firm and majority owner of Ardent.
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.
Equity Group Investments hosted a signing ceremony, which included Farhan Malik, CEO of Pure Health, Sam Zell, founder and chairman of EGI, and Marty Bonick, president and chief executive officer of Ardent.
Various dynamics
“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,” said Zell.
Commenting on the investment, Malik said: “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 unrivalled healthcare experience for patients in the UAE,” said Malik. “Ardent has a strong track record of delivering outstanding services across the US, and we look forward to gaining additional knowledge to support our north star of advancing the science of longevity and unlocking time for humanity.”
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
[ad_2]
Source link
