PureHealth closes EUR 800 million Hellenic Healthcare deal, adds 16 hospitals across Greece

PureHealth, the Abu Dhabi-listed healthcare group, completed its EUR 800 million acquisition of Hellenic Healthcare Group (HHG), Greece's largest private hospital operator. The deal closed in October 2025 and is PureHealth's biggest single international transaction to date.

The acquisition gives PureHealth direct ownership of 16 private hospitals and more than 50 multi-specialty clinics across Greece. HHG operates roughly 3,000 beds, employs over 12,000 staff, and reported revenues exceeding EUR 600 million in its last full fiscal year, giving PureHealth a profitable asset from day one.

What this means for PureHealth's global footprint

PureHealth has acquired aggressively since its 2023 IPO on the Abu Dhabi Securities Exchange (ADX). The company's strategy is to build a global platform anchored by its UAE operations, where it runs more than 100 healthcare assets (hospitals, clinics, pharmacies, and diagnostics labs) under brands such as SEHA, VPS Healthcare, and Amana Healthcare.

The Hellenic deal follows PureHealth's earlier purchase of a stake in Circle Health Group, one of Britain's largest independent hospital operators. PureHealth's international portfolio now spans three continents.

ADQ, PureHealth's largest shareholder through its holding structure, has committed to healthcare as a priority sector for long-term capital deployment. UAE-based operators should read this acquisition as a direct signal: Abu Dhabi's sovereign wealth ecosystem is funding a national champion to compete at global scale.

The Greek healthcare opportunity

Greece's private healthcare market has drawn foreign capital since the country's public hospital infrastructure deteriorated during its 2010–2018 debt crisis, pushing patients toward private providers. Medical tourism arrivals from Northern Europe and the Middle East have accelerated since 2022, with Greece pricing procedures at 40–60% below Germany or the UK for comparable quality.

HHG's network includes flagship facilities in Athens and Thessaloniki, with specializations in cardiology, oncology, and orthopedics.

The deal's financial profile stands out for acquirer discipline:

• EUR 800 million purchase price, implying roughly 1.3x revenue, below the 1.8–2.2x multiples in recent European hospital transactions
• PureHealth's management has indicated the group targets margin improvements of 200–400 basis points within three years through operational upgrades and cross-border patient referral networks
• Net debt-to-EBITDA ratio remains below 2.5x after closing, leaving capacity for further acquisitions

Regulatory and competitive context

The Department of Health Abu Dhabi (DOH) has encouraged domestic healthcare groups to expand internationally, viewing global scale as a way to attract clinical talent and diversify revenue. DOH's regulatory framework already permits cross-border telemedicine and second-opinion services, which PureHealth could activate between its Greek and UAE networks.

The acquisition separates PureHealth from regional competitors. Mediclinic Middle East and Aster DM Healthcare have concentrated on GCC and Indian subcontinent expansion. PureHealth's European entry opens a different competitive lane.

Healthcare CFOs should watch the funding model. PureHealth has used a mix of equity, conventional debt, and Islamic financing instruments to fund its pipeline while keeping leverage contained. Analysts at EFG Hermes and FAB Securities have identified potential targets in Turkey and India as likely next steps for PureHealth.

The practical takeaway for UAE healthcare operators: companies that build international referral networks and multi-continent bed capacity will set pricing and talent terms for the region. PureHealth, with ADQ backing and a post-Hellenic portfolio spanning the UAE, UK, and Greece, has a head start that compounds with each deal.