Mubadala Investment Co. has teamed up with Abu Dhabi artificial intelligence firm G42 to acquire Bridgepoint Group Plc’s European dialysis clinic chain Diaverum.
(Bloomberg) — Mubadala Investment Co. has teamed up with Abu Dhabi artificial intelligence firm G42 to acquire Bridgepoint Group Plc’s European dialysis clinic chain Diaverum.
A newly created joint venture called M42 will buy Diaverum to create the largest health-care company in the Middle East, according to a statement. Financial details weren’t disclosed.
The deal values Diaverum at $2 billion to $2.5 billion, a person familiar with the matter said, asking not to be identified discussing confidential information. A representative for Mubadala declined to comment on the price.
Bloomberg News reported in March that Mubadala was exploring a takeover of Diaverum, one of Europe’s largest independent dialysis clinic operators with a strong presence in the Middle East.
Mubadala created M42 this month by combining its health-care assets with those held by G42, an AI firm controlled by United Arab Emirates royal Sheikh Tahnoon bin Zayed Al Nahyan. M42 houses businesses including Amana Healthcare, Biogenix Labs and Moorfields Eye Hospital Abu Dhabi.
“Diaverum is an exceptional company providing vital treatments that enable patients suffering from chronic kidney disease to live fulfilling lives,” M42 Chief Executive Officer Hasan Jasem Al Nowais said in the statement. “Its pioneering digital care offering fully aligns with M42’s focus on leveraging advanced technological solutions to deliver precise, personalized patient care.”
Mubadala manages $284 billion in assets and has been stepping up health-care investments to diversify its portfolio. It is among parties looking to back CBC Group as it sets up a new fund targeting health-care assets in the Middle East. The region’s wealth funds more broadly have also shown themselves keen to allocate to the sector. Abu Dhabi Investment Authority could co-invest alongside Swedish private equity firm EQT AB on a bid for UK-based Dechra Pharmaceuticals Plc.
Headquartered in southern Swedish coastal city of Malmo, Diaverum operates more than 400 locations in 23 countries, according to its website. Bridgepoint acquired the business from Gambro Holding AB in 2007.
M42 worked with JPMorgan Chase & Co. on the acquisition, while Citigroup Inc. advised Bridgepoint.
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