(MENAFN- AETOSWire)
Alpha Dhabi Holding subsidiary, Pure Health, the largest integrated healthcare platform of the United Arab Emirates (UAE), today announced that it has entered into a definitive purchase agreement to acquire a minority equity investment in Ardent health Services (Ardent), a leading U.S. healthcare provider based in Nashville, Tennessee, for a total investment of $500 million. The investment is subject to customary closing conditions and will be finalized after receipt of all necessary U.S. regulatory approvals.
Ardent is the fourth largest privately held acute care hospital operator in the U.S., with 30 hospitals and more than 200 sites of care across six states, and approximately 26,000 employees. Pure Health 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.
said Sam Zell.
Commenting on the major investment announcement, Farhan 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 U.S. 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 United States, and we look forward to gaining additional knowledge to support our north star of advancing the science of longevity and unlocking time for humanity.”
ABOUT PURE HEALTH
Pure Health is an integrated healthcare solutions platform with a diversified portfolio of over 25 hospitals and more than 100 clinics offering 200+ specialties covering services from tertiary care to primary care; health insurance that covers over 2.5 million members; group procurement organization; over 150 laboratories; diagnostics services; rehab services; long term care; medical supplies; and health technology services. With more than 50 million annual clinical encounters and over 25,000 employee strength, the company provides healthcare services across the entire continuum of care.
Pure Health is committed to enhancing longevity and helping people live longer, happier, and healthier lives. The company's centers of excellence bring together clinical knowledge, process expertise, technology, and analytics to deliver outcome-focused, world-class quality across all channels of healthcare with a mandate to future-proof the healthcare system for a world of technological singularity. For more information, visit .
ABOUT EQUITY GROUP INVESTMENTS
Equity Group Investments (EGI), founded by Sam Zell more than 50 years ago, has a long track record of building public and private businesses, including the origination and growth of multi-billion-dollar companies. EGI's flexible capital and open investment mandate enable the firm to pursue opportunistic transactions across industries and geographies, throughout the capital structure, at any point in the economic cycle. EGI's current portfolio includes investments in transportation and logistics, health care, manufacturing, agribusiness, energy, retail, waste and infrastructure, and real estate. For more information, visit .
ABOUT ARDENT HEALTH SERVICES
Ardent Health Services invests in people, technology and communities. Through its subsidiaries, Ardent owns and operates 30 hospitals and more than 200 sites of care in six states with approximately 26,000 employees, including 1,200+ employed providers. With a focus on evidence-based practices to improve quality care and patient outcomes, four Ardent hospitals were named to Leapfrog's Top Hospitals in 2021, and eight Ardent hospitals received a Leapfrog Hospital Safety Grade of A for Spring 2022. Based in Nashville, Tennessee, Ardent is owned by current and former members of Ardent's management team; Equity Group Investments (EGI), a Chicago-based private investment firm; and Ventas, Inc. (NYSE: VTR), a publicly traded real estate investment trust.
Permalink
MENAFN02092022004146001356ID1104803971
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.