Sign in
It’s a big morning for M&A in the healthcare sector, with Gulf Islamic Investments acquiring a minority stake in a Saudi medical firm and newly listed PureHealth completing its acquisition of a UK big healthcare player. In other M&A news: Defense authority Tawazun Council is acquiring Tasneef.
#1- Dubai-based Gulf Islamic Investments (GII) acquired a USD 160 mn minority stake in Saudi Arabia’s Abeer Medical Company in a bid to expand its presence in new cities, Bloomberg reports, citing a company statement. The Abeer Group manages a portfolio of around 50 healthcare facilities in Saudi Arabia and around the Persian Gulf.
GII is no stranger to Saudi: In mid-2023, GII obtained a full investment license from the Saudi Capital Market Authority and announced the opening of a new office in Riyadh, according to a press release. The Shariah-compliant investment company also acquired a 70% stake worth USD 600 mn in Saudi Arabia’s largest provider of dental and dermatology care, Almeswak Dental Clinics, back in 2022.
More GII investments to come globally: GII is also earmarking some USD 1 bn for strategic investments in the US, India, and the Gulf over the next 12 months, Bloomberg reports.
#2-PureHealth completed its USD 1.2 bn acquisition of UK-based Circle Health Group as part of its global expansion program owner company Centene, according to a press release. The acquisition marks the company’s entry into the UK and was initially agreed in August.
This is PureHealth’s second acquisition in as many years: The healthcare firm acquired a USD 1.8 bn stake in the US’ fourth largest private healthcare group, Ardent Health Services.
Background: PureHealth went public on the ADX in December in what was the second-largest IPO in the UAE in 2023, valued at AED 36.2 bn.
About Circle Health:Circle Health Group is one of the UK’s largest independent hospital operators. It currently runs 53 hospitals across every region of Great Britain and treats over 2 mn privately insured, self-pay, and NHS patients with a team of 6k consultant specialists.
OTHER M&A NEWS-
Emirati defense and security acquisitions authority Tawazun Council has acquired the Emirates Classification Society (Tasneef) and its subsidiaries as part of its strategy to expand in the defense and security sector, state news agency Wam reports.The acquisition will see Tawazun Council leverage Tasneef’s expertise in maritime classification, technical consulting, and training to boost national defense capabilities.
About the two authorities:Tawazun Council is an independent government entity assisting the Defense Ministry, Abu Dhabi Police, and UAE-based security agencies with everything from R&D and certification to third-party inspection. Tasneef is concerned with maritime safety, environmental preservation, and international standards in business assurance and quality management.
