Mubadala Health buys UEMedical stake, joins Olive Rock, Cerberus

Mubadala Health buys UEMedical stake, joins Olive Rock, Cerberus

Abu Dhabi's Mubadala Investment Co. is enlarging its regional footprint in the health-care sector with the purchase of a 60 per cent stake in UEMedical, an operator of medical facilities in the United Arab Emirates and Saudi Arabia. The $243bn wealth fund's health-care subsidiary said it's buying the stake in United Eastern Medical Services, also known as UEMedical, from Saudi private equity group Jadwa Investment and United Eastern Group, according to a statement on Wednesday. Mubadala Health was advised by Rothschild & Co., according to its chief executive officer, Hasan Jasem Al Nowais. Financial details of the transaction, which is expected to close by September, weren't disclosed. UEMedical could be valued at at least $800m if the deal proceeds, people told last year. An affiliate of Cerberus Capital Management LP, which globally manages around $55bn in assets, and Abu Dhabi-based Olive Rock Partners acquired a stake in UEMedical earlier this month. Part of Mubadala's mandate is to assist in diversifying Abu Dhabi's oil-reliant economy but also to help develop the country's medical infrastructure so that citizens no longer have to travel abroad to receive treatment. These efforts culminated in the opening in 2015 of a massive branch of the Cleveland