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Private equity firm Olive Rock Partners and its New York-based affiliate, Cerberus Capital Management, have acquired a stake in United Eastern Medical Services (UEMedical), a major healthcare services provider in Abu Dhabi.
The new investment will enable UE Medical, which has 21 hospitals and facilities in its portfolio, to expand its service offerings and geographical reach, according to a statement issued on Wednesday.
Olive Rock is based in Abu Dhabi Global Market, while Cerberus is an American private equity firm with about $55 billion in assets.
The size of the acquired stake was not disclosed, but Olive Rock described the acquisition as a “landmark deal”.
“This is a landmark deal within a growing and attractive sector globally and we are very pleased to be working with Cerberus to support it,” said Muhannad Qubbaj, founding partner of Olive Rock.
“We are extremely pleased to have been able to attract foreign direct investments into the UAE medical sector as well as the Abu Dhabi Global Markets as a financial hub,” added Abdullah Shahin, another founding partner of Olive Rock.
UE Medical Services has 2,300 healthcare professionals and serves more than 700,000 patients. It operates Danat Al Emarat Hospital and Moorfields Eye Hospital UAE, a branch of Moorfields London.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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