Centene Corporation has agreed to sell Circle Health Group to UAE-based PureHealth for $1.2bn.
Circle Health operates 53 hospitals across every region of Great Britain, providing a range of surgery and treatments to privately insured, self-pay and NHS patients.
It sees two million patients annually and has more than 6,000 consultant specialists. Centene first invested in Circle Health in 2019 and acquired the remaining equity in July 2021.
PureHealth is based in Abu Dhabi and claims to have the largest integrated healthcare network in the Middle East.
Centene said the sale reflected its “continued execution of its value creation efforts as the company refocuses its portfolio on core lines of business,” adding the enterprise value of the sale is approximately $1.2bn, inclusive of debt assumed.
The deal is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2024.
Sarah London, chief executive officer of Centene, said: “We are confident that this business will continue to thrive – providing access to high-quality care and delivering improved clinical outcomes under the ownership of PureHealth.
“This transaction marks another milestone in our portfolio review and showcases continued momentum against our value creation plan.”
Farhan Malik, managing director and group chief executive officer of PureHealth, added: “We are delighted to welcome Circle Health Group into the PureHealth family.
“This acquisition marks an important milestone in our journey towards creating a global healthcare network which revolutionises patient care.”
Barclays served as financial adviser to Centene on the deal while Dickson Minto is acting as its legal counsel.