Nashville-based health system Ardent Health Services has picked up a $500 million equity investment from United Arab Emirates-based Pure Health, according to a late Friday press release.
The deal, which is pending regulatory approval, will give Pure Health a minority stake in the fourth-largest privately held acute care hospital operator in the U.S., per the announcement from parent organizations Equity Group Investments (EGI), based in Chicago, and Alpha Dhabi Holding, based in the UAE.
“One of EGI’s strengths is partnering with like-minded individuals with the experience and passion for how we approach investment opportunities,” Sam Zell, founder and chairman of EGI, said in a statement. “We look forward to developing a productive relationship with Pure Health as they continue to explore the various dynamics of the U.S. healthcare system.”
The investment gives Pure Health observer rights, but no seat, on the 30-hospital system’s board of directors, according to the announcement.
While the deal excludes any specific plans to expand Ardent’s physical footprint or develop a care delivery collaboration between the two organizations, Pure Health CEO Farhan Malik said the deal paves the way for his organization to bring “the highest standards and best clinical practices” to patients in the UAE.
“Ardent has a strong track record of delivering outstanding services across the United States, and we look forward to gaining additional knowledge to support our north star of advancing the science of longevity and unlocking time for humanity,” Malik said in a statement.
Ardent owns and operates care delivery locations across six states under subsidiary brands such as UT Health, Lovelace Medical, Hackensack Meridian Health, Hillcrest Hospital and BSA Health System.
Its 30 hospitals and more than 200 sites of care are staffed by roughly 26,000 people, including over 1,200 employed providers.
Pure Health holds a diversified portfolio of healthcare providers, services and technologies. These include 28 hospitals, over 100 clinics, health insurance covering more than 2.5 million lives, laboratories, a group purchasing organization and more. The organization employs more than 25,000 people and fields over 52 million clinical encounters per year.