ABU DHABI, UAE – Pure Health, the largest integrated healthcare platform of the United Arab Emirates (UAE), Sunday announced that it has entered into an agreement to acquire a minority equity investment in Ardent Health Services (Ardent), a leading US healthcare provider, for US$500 million.
The investment is subject to customary closing conditions and will be finalized after necessary US regulatory approvals.
Ardent is the fourth largest privately held acute care hospital operator in the US, with 30 hospitals and over 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.
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 care delivery.
Farhan Malik, CEO of Pure Health, Sam Zell, founder and chairman of EGI and Marty Bonick, president and chief executive officer of Ardent were present at the signing ceremony.
“One of EGI’s strengths is partnering with like-minded individuals with experience and passion for 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 Sam Zell.
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 unrivaled healthcare experience for patients in the UAE,” said Malik.