Managed healthcare and health insurance company Centene signed an agreement to sell Circle Health Group, an operator of 53 U.K. hospitals, for $1.2 billion.
PureHealth, a healthcare network in the Middle East, will acquire Circle Health. Circle Health Group sees 2 million patients per year, according to an Aug. 28 Centene news release.
Centene first invested in Circle Health in 2019 and acquired the company's remaining interests in July 2021. The deal is expected to close in the first quarter of 2024.
"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," Centene CEO Sarah London said in the news release. "This transaction marks another milestone in our portfolio review and showcases continued momentum against our value creation plan."