A majority stake in the Greek hospital and healthcare services chain Hellenic Healthcare Group (HHG) has been acquired by PureHealth Holding PJSC, based in Abu Dhabi. The Arab-owned group has purchased a 60% stake in HHG from CVC Capital Partners, bolstering the emirate’s efforts to expand its healthcare sector and diversify its economy away from oil.

The deal values Hellenic Healthcare Group at around $2.3 billion, with the Emirates-based company – controlled by the state-owned investment fund ADQ – acquiring the 60% share, PureHealth announced. CVC will retain 35% ownership, while the company’s founder will hold the remaining shares.

HHG operates approximately 10 hospitals and 16 diagnostic centers across Greece and Cyprus, with a capacity exceeding 1,600 beds, all of which will be integrated into PureHealth once the deal is finalized. These include facilities such as Hygeia, Metropolitan, Mitera, and others.

For PureHealth, this agreement marks its latest international venture, according to a related announcement. In 2023, it agreed to purchase the UK’s Circle Health Group and a minority stake in the U.S.-based Ardent Health Services. The company, which has a market capitalization of about $11 billion, operates over 100 hospitals and 300 clinics with more than 56,000 employees.

This move brings PureHealth closer to its goal of generating 50% of its revenue outside the Gulf Cooperation Council (GCC), said CEO Shaista Asif in a statement to Bloomberg. The company currently generates about one-third of its revenue from outside the region, she added.

Healthcare is a key pillar in Abu Dhabi’s strategy to broaden its economy. PureHealth, which raised approximately $986 million through a stock market listing in 2023, has also considered acquiring hospital operator NMC Healthcare, Bloomberg News reported.

The emirate is also home to M42, a company supported by Mubadala Investment Co. and AI firm G42, which aims to expand into Europe, Latin America, and Asia. Meanwhile, ADQ consolidated some of its pharmaceutical assets last year to create one of the largest biosciences companies in the region, operating across four continents.