Centene to offload UK hospital system for $1.2B
St. Louis-based Managed care giant Centene has signed an agreement to sell Circle Health Group, its UK-based hospital system, to PureHealth, an integrated healthcare delivery system in the Middle East. Centene announced that the deal is valued at $1.2 billion, inclusive of assumed debt.
Circle Health manages 53 hospitals throughout the UK, providing medical care to over 2 million patients annually. According to Centene, Circle Health has a staff of 6,000 expert consultants and caters to privately insured individuals, self-pay patients and National Health Service beneficiaries.
"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," Sarah London, Centene CEO, said in a statement. "This transaction marks another milestone in our portfolio review and showcases continued momentum against our value creation plan."
"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," Farhan Malik, managing director and group CEO of PureHealth, said in the same statement. "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 organizations, we positively impact the lives of patients globally.”
Anticipated completion of the sale is set for the initial quarter of 2024, pending regulatory approval.
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