Healthcare platform Pure Health has purchased a minority stake in Ardent Health Services for $500 million, the organizations announced Tuesday.
Pure Health, based in the United Arab Emirates, acquired the stake from Chicago-based private investment firm Equity Group Investments, which bought Ardent eight years ago. Ardent, a for-profit system based in Nashville, Tennessee, operates 30 hospitals and more than 200 care sites across six states.
The deal is part of a larger strategy to expand Pure Health’s international portfolio and build connections with U.S. healthcare providers, CEO Farhan Malik said in a news release. The company’s portfolio includes investments in more than 25 hospitals and about 100 clinics offering more than 200 specialties, plus health insurance, laboratories, rehabilitation services, medical supplies and healthcare technology, among others.
Malik was not made available for an interview. Ardent CEO Marty Bonick, who took over the role in 2020, did not respond to a request for comment.
As part of the deal, Pure Health will have board observation rights, meaning representatives can listen into Ardent’s meetings, but it will not have any seats on the board.
In 2015, healthcare real estate investment trust Ventas acquired Ardent for $1.75 billion. Ventas took over Ardent’s real estate, and Equity Group Investments, with other capital groups, acquired Ardent’s operations. In 2017 and 2018, Ardent acquired multiple health groups, including LHP Hospital Group, St. Francis Health and East Texas Medical Center Regional Healthcare System through joint venture agreements.
Source : Modern Healthcare