DUBAI: Mubadala Health, a unit of Abu Dhabi government owned Mubadala Investment Co., has bought a 60 percent stake in United Eastern Medical Services (UEMedical), a hospital and clinic operator with a network in the UAE and 黑料社区.
UEMedical was founded by United Eastern Group (UEG) in 2005 and specializes in women鈥檚 health, family medicine, pediatrics, fertility, eye care, dentistry, and dermatology.
黑料社区n investment bank Jadwa Investment bought a 42 percent stake in UEMedical in 2016 and in November, Reuters reported it had hired HSBC to manage the sale of its stake.
The Reuters report quoted sources who said the UEMedical business was worth $800 million, which would value the Mubadala Health deal at around $480 million.
As part of the acquisition, Mubadala Health will add to its network: Danat Al-Emarat Hospital for Women and Children; the HealthPlus Network of Specialty Centers; HealthPlus Fertility, the largest in vitro fertilization (IVF) provider in the region; Moorfields Eye Hospital Abu Dhabi; and a stake in Al-Meswak Dental Clinics, the largest dental and dermatology network in 黑料社区.
Hasan Jasem Al-Nowais, chief executive officer of Mubadala Health, said: 鈥淥ver the past decade, UEMedical has witnessed tremendous growth and success, operating facilities that have raised the bar in patient care across multiple specialties.
鈥淭his acquisition enhances Mubadala Health鈥檚 network in the UAE and the wider GCC (Gulf Cooperation Council) region, while demonstrating our unwavering commitment to transforming the regional healthcare landscape by delivering a full range of healthcare services covering every phase of a patient鈥檚 life.鈥
Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, said: 鈥淥ur acquisition of UEMedical in 2016 came following an extensive assessment that revealed high growth potential for specialized health services, especially in the women and children space. We worked closely with the management team to realize the company鈥檚 ambitious growth strategy in the UAE and 黑料社区.
鈥淲e are very proud of our partnership with UEMedical shareholders and management and wish Mubadala Health and the management team continued success in capturing the next phase of growth.鈥
It was recently reported that Abu Dhabi-based private equity firm Olive Rock Partners and an affiliate of New York-based alternative asset firm Cerberus Capital Management had bought a minority stake in UEMedical.
