Rochester, Minn.-based Mayo Clinic has completed its $150 million buyout deal with Abu Dhabi Health Services Co. in a bid to unload its overseas hospital investment, postbulletin.com reported March 15.
Mayo sold its 25% stake in a hospital in the United Arab Emirates, Sheikh Shakhbout Medical City, to Abu Dhabi Health Services Co.
"Abu Dhabi Health Services Company (SEHA) has acquired Mayo Clinic's interest in Sheikh Shakhbout Medical City (SSMC)," Sharon Theimer, Mayo Clinic's communications manager for international media relations, told the publication. "Moving forward, SSMC will be wholly owned and operated by SEHA. Mayo Clinic and SEHA remain committed to serving patients from the UAE, the surrounding region and abroad. We are not releasing further details at this time."
Mayo did not provide details as to why it entered into the buyout deal.
Sheikh Shakhbout Medical City was established in 2019, and in 2020, collaborated with Mayo, which made a substantial investment of $50 million in cash and other non-material assets, acquiring a 25% equity stake.
Sheikh Shakhbout Medical City was Mayo Clinic's first international hospital.