CHICAGO–(BUSINESS WIRE)–Alpha Dhabi Holding subsidiary Pure Health, the largest integrated healthcare platform in the United Arab Emirates (UAE), today announced that it has entered into a definitive purchase agreement to acquire a minority stake in Ardent Health Services (Ardent), a major US healthcare provider based in Nashville, Tennessee, for a total investment of $500 million. The investment is subject to customary closing conditions and will be finalized upon receipt of all necessary US regulatory approvals.
Ardent is the fourth largest private operator of acute care hospitals in the United States, with 30 hospitals and more than 200 care sites in six states, and approximately 26,000 employees. Pure Health would make a minority equity investment by purchasing a stake 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 observer rights to the board of directors but would not have a seat on Ardent’s board. The investment does not include plans to expand 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 CEO of Ardent.
“One of EGI’s strengths is to partner with like-minded people who have 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 different dynamics of the US healthcare system,” said Sam Zell.
Commenting on the announcement of a major investment, Farhan Malik said, “This landmark investment agreement marks a leap forward 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 deliver an experience of unparalleled healthcare to patients in the UAE,” Malik said. “Ardent has a strong track record of providing exceptional service across the United States, and we look forward to gaining additional knowledge to support our North Star in advancing the science of longevity and unlocking time. for Humanity.”
ABOUT PURE HEALTH
Pure Health is an integrated healthcare solutions platform with a diverse portfolio of over 25 hospitals and over 100 clinics offering over 200 specialties spanning services from tertiary to primary care; health insurance that covers more than 2.5 million members; organization of group purchasing; more than 150 laboratories; diagnostic services; rehabilitation services; long-term care; medical material; and health technology services. With more than 50 million clinical encounters annually and more than 25,000 employees, the company provides healthcare services across the continuum of care.
Pure Health is committed to improving longevity and helping people live longer, happier and healthier lives. The company’s Centers of Excellence bring together clinical knowledge, process expertise, technology and analytics to deliver results-driven, world-class quality across all healthcare channels with a mandate to future-proof the health system for a world of technological singularity. For more information, visit www.purehealth.ae.
ABOUT EQUITY GROUP INVESTMENTS
Equity Group Investments (EGI), founded by Sam Zell over 50 years ago, has a long history of building public and private companies, including building and growing multi-billion dollar businesses. EGI’s flexible capital and open investment mandate allow the company to pursue opportunistic transactions across all industries and geographies, across the capital structure, at any point in the economic cycle. EGI’s current portfolio includes investments in transportation and logistics, healthcare, manufacturing, agribusiness, energy, retail, waste and infrastructure, and real estate. For more information, visit www.egizell.com.
ABOUT ARDENT HEALTH SERVICES
Ardent Health Services invests in people, technology and communities. Through its subsidiaries, Ardent owns and operates 30 hospitals and more than 200 care sites in six states with approximately 26,000 employees, including more than 1,200 employed providers. With a focus on evidence-based practices to improve quality of care and patient outcomes, four Ardent hospitals were named among Leapfrog’s Top Hospitals in 2021, and eight Ardent hospitals received Hospital Safety Ratings Leapfrog by A for Spring 2022. Based in Nashville, Tennessee, Ardent is owned by current and former members of the Ardent management team; Equity Group Investments (EGI), a Chicago-based private investment firm; and Ventas, Inc. (NYSE: VTR), a publicly traded real estate investment trust.