UAE – Mubasher: Abu Dhabi’s M42, jointly established by Mubadala and G42, has expanded its global geographic footprint after it bought renal care service provider Diaverum from the UK-based Bridgepoint Group.
The acquisition transaction has made the tech-enabled company M42 the largest healthcare firm across the Middle East, according to a press release.
M42 will be able to introduce relevant healthcare services and healthtech solutions in new markets following the takeover of Diaverum while further boosting its renal care offering in the Gulf region.
The transaction is still subject to customary regulatory approvals and is expected to close at a later time in 2023.
Diaverum, which was founded in 1991, is currently the third-largest provider of dialysis services worldwide. It operates in 23 countries through 440 clinics and more than 13,000 employees. Furthermore, it provides patient-centric apps and the potential to leverage artificial intelligence (AI) to offer data-driven clinical insights for patients with chronic kidney disease.
The acquisition deal will allow M42 to use Diaverum’s expertise in AI, genomics, and tech-powered solutions to endorse the ability to deliver precise, life-saving renal care.
Hasan Jasem Al Nowais, Group CEO and Managing Director of M42, commented: “M42’s acquisition of Diaverum represents a major milestone in our global expansion strategy. […] I look forward to working with Diaverum’s management team to address the critical challenge that chronic kidney disease represent to countries’ healthcare services around the world.”
Meanwhile, Dimitris Moulavasilis, CEO of Diaverum, added: “M42 is a perfect fit for Diaverum’s future, and this transaction will further strengthen our position as a global leader in renal care.”
Moulavasilis added: “Together, we’ll be able to drive international growth and continue transforming the industry through patient-centric digital innovations.”
It is worth noting that the need for dialysis services in Diaverum’s markets saw an 8% patient increase in compound annual growth rate (CAGR) between 2012 and 2019. The coming 10 years are expected to witness a similar growth rate.
