The sovereign wealth fund of the United Arab Emirates, Abu Dhabi Developmental Holding Company PJSC (ADQ), which manages assets worth $190 trillion, is behind PureHealth, the largest healthcare group in the Middle East. PureHealth has agreed to acquire a 60% stake in Hellenic Healthcare Group (HHG), the largest private healthcare provider in Greece and Cyprus, in a transaction valued at $2.3 billion.

As Brief underlines, under the terms of the agreement, PureHealth will acquire 60% of Hellenic Healthcare Group, while 10% of the group’s shares will remain with its founder. HHG operates nine healthcare facilities, making it the largest private healthcare group in Greece and Cyprus. These include:

• Greece: Hygeia, Metropolitan Hospital, Mitera, Metropolitan General, Leto, Creta InterClinic (Crete), and City Hospital (Kalamata).

• Cyprus: Apollonion Private Hospital and Aretaeio Hospital.

Additionally, HHG owns and operates advanced diagnostic centers such as HealthSpot, Platon Diagnosis, Prognosis, and Dimokritos. It also manages Homecare, a provider of in-home healthcare services; A-Lab, a molecular biology and genomics center; Hygeia IVF Embryogenesis, a fertility clinic; Y-Logimed and GMP, specializing in medical technology distribution; Business Care, offering workplace safety and health services; and Heal Academy, an educational and training center for medical and healthcare sciences.

HHG is currently owned by CVC Capital Partners, a global private equity firm managing approximately $201 billion in assets.

According to sources, employees at HHG’s Cyprus-based hospitals, Apollonion and Aretaeio, were informed about the deal through international news agencies and Greek media. They expect an official announcement soon regarding the acquisition and any potential changes in hospital operations.

The transaction is subject to regulatory approvals and customary closing conditions. The Cyprus Commission for the Protection of Competition is expected to review the deal as part of its standard assessment procedures.

Legal experts in competition law highlight that market dominance is regulated under Cyprus’s Protection of Competition Law of 2008 (Law 13(I)/2008). This law ensures fair competition and prohibits the abuse of dominant market positions. According to Article 6(1), any entity holding a dominant position must not exploit it to restrict competition.

When defining a dominant market position, the law (Article 2) describes it as an economic power that enables a company to operate independently of its competitors, customers, and consumers, thereby affecting effective market competition. This definition aligns with rulings from the Court of Justice of the European Union.

Legal sources further emphasize that market share is a critical factor in assessing dominance. While no specific thresholds are set in the law, European case law suggests that a market share of 70% or higher is typically considered an indication of dominance. In some cases, even a 50% market share can be a strong presumption of market control.

Additionally, other factors are considered when evaluating dominance, including barriers to market entry, buyer countervailing power, vertical integration levels, and control over essential infrastructure or resources. The Cyprus Competition Authority follows European case law in its approach to these assessments.