(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 4th September, 2022 (WAM) -- Alpha Dhabi Holding subsidiary, Pure Health, today announced that it has entered into a definitive purchase agreement to acquire a minority equity investment in Ardent health Services (Ardent), for a total investment of $500 million. The investment is subject to customary closing conditions and will be finalised after receipt of all necessary US regulatory approvals.
Pure Health is the largest integrated healthcare platform of the United Arab Emirates, while Ardent is a leading U.S. healthcare provider based in Nashville, Tennessee. It's 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. 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.
'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 U.S. healthcare system,' 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.'
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