Centene to sell Circle Health Group to Pure Health at an enterprise value of approximately $1.2B
Sale reflects continued execution of Centene's value creation efforts and portfolio review. (Credit: Rock Staar on Unsplash)
Centene Corporation (NYSE: CNC), a leading healthcare enterprise committed to helping people live healthier lives, announced today that it has signed a definitive agreement to sell Circle Health Group (“Circle Health”), one of the U.K.’s largest independent operators of hospitals, to PureHealth, the largest integrated healthcare network in the Middle East. The transaction reflects Centene’s continued execution of its value creation efforts as the company refocuses its portfolio on core lines of business. The enterprise value is approximately $1.2B, inclusive of debt assumed.
“Circle Health is an innovative healthcare organization that has had a significant impact for the benefit of patients across the United Kingdom. We are confident that this business will continue to thrive – providing access to high-quality care and delivering improved clinical outcomes under the ownership of Pure Health,” said Centene Chief Executive Officer, Sarah London. “This transaction marks another milestone in our portfolio review and showcases continued momentum against our value creation plan.”
Circle Health operates 53 hospitals across every region of Great Britain, providing a wide range of surgery and treatments to privately insured, self-pay and NHS patients. The organization sees two million patients annually and has more than 6,000 consultant specialists. Centene invested in Circle Health in 2019 and acquired the remaining equity interests in the company in July 2021.
“We are delighted to welcome Circle Health Group into the PureHealth family. This acquisition marks an important milestone in our journey towards creating a global healthcare network which revolutionizes patient care,” said Managing Director and Group Chief Executive Officer of PureHealth, Farhan Malik. “Our mission at PureHealth is to drive scientific innovation to unlock longevity and greater quality of life for humankind. Through integrating the expertise of both organisations, we positively impact the lives of patients globally. PureHealth, as the region’s largest healthcare group, is well-positioned to make significant contributions to the improvement of healthcare systems and access to world-class medical services in the UAE and beyond.”
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2024.
Source: Company Press Release