Alpha Dhabi Holding Unit Buys a Stake in Ardent Health Services
Posted on 09/29/2022
Alpha Dhabi Holding subsidiary, Pure Health, the largest integrated healthcare platform of the United Arab Emirates (UAE), entered into a definitive purchase agreement to acquire a minority equity investment in Ardent Health Services (Ardent), a U.S. healthcare provider based in Nashville, Tennessee, for a total investment of US$ 500 million. The investment is subject to customary closing conditions and will be finalized after receipt of all necessary U.S. regulatory approvals. Ardent is owned by current and former members of Ardent’s management team; Equity Group Investments (EGI), a Chicago-based private investment firm; and Ventas, Inc. (NYSE: VTR), a publicly traded real estate investment trust.
Ardent is the fourth largest privately held acute care hospital operator in the U.S., with 30 hospitals and more than 200 sites of care across six states, and approximately 26,000 employees. Pure Health would achieve a minority equity investment by purchasing an interest 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 board observer rights but would not have a seat on Ardent’s board of directors. The investment does not include plans for either the expansion of Ardent’s physical footprint or collaboration between Ardent and Pure Health in the delivery of care.
On July 7, 2022, Equity Group Investments acquired a majority interest in Ardent Health Services valuing the company at US$ 475 million. Ventas agreed to retain a 9.9% ownership stake.
