A majority stake in the Greek hospital and healthcare services chain Hellenic Healthcare Group (HHG) is acquired by Abu Dhabi-based PureHealth Holding PJSC.

The Arab-owned group acquires a 60% stake in HHG from CVC Capital Partners, boosting the emirate's efforts to expand in the sector and diversify its economy away from oil.

The deal values Hellenic Healthcare Group at around $2.3 billion, and the Emirati company, controlled by sovereign wealth fund ADQ, will acquire a 60% stake, PureHealth said in a statement. CVC will retain 35% of the business, and the company's founder will own the remainder.

HHG operates 10 hospitals and 16 diagnostic centres across Greece and Cyprus, with a capacity of more than 1,600 beds, which will be integrated into PureHealth once the deal is completed. These include Hygeia, Metropolitan, Matera, Leto, Apollo, diagnostic centers, etc.

The move brings PureHealth closer to its goal of generating 50% of its revenue outside the Gulf Cooperation Council, CEO Shaista Asif told Bloomberg. The company currently generates about a third of its revenue outside the region, she added.