RIYADH: The largest healthcare company in the Middle East is set to be created after Abu Dhabi-based M24 acquired Bridgepoint Group’s Swedish dialysis clinic chain Diaverum, according to a press release. M42, a newly created healthcare joint venture between state fund Mubadala Investment Co. and artificial intelligence firm G42, made the claim as it announced the deal. The transaction is expected to close later this year, but the company did not disclose its value. This acquisition gives the space for M42 to provide healthcare services and tech solutions in additional markets, further expanding its global geographic footprint. “M42’s acquisition of Diaverum represents a major milestone in our global expansion strategy,” said Al-Nowais, the group CEO and managing director of M42, in the statement. In addition, this move reinforces the company’s position as a world leader in renal care, noted Diaverum CEO Dimitris Moulavasilis. He added: “Together, we’ll be able to drive international growth and continue transforming the industry through patient-centric digital innovations.” Diaverum currently operates 440 clinics in 23 different countries and employs over 13,000 people, making it the world’s third-largest provider of dialysis services. Led by Al-Nowais, M24 will own a large portfolio that includes Imperial College London Diabetes Center, Danat Al-Emarat and HealthPoint Hospital. Earlier this week, M42 said it will explore “opportunities for global expansion and partnerships with pharmaceutical, healthcare, and health tech leaders to bring high-quality care to communities around the world.” The acquisition supports Abu Dhabi’s development of its biopharmaceutical manufacturing capabilities. It also enables the country’s transition into a global healthcare industry center, with Mubadala leading the industry. With $284 billion in assets, Mubadala is ramping up its healthcare investments through new deals and partnerships to diversify its portfolio. Mubadala acquired Dental Care Alliance in January, a US support organization for about 390 allied practices across 22 states. In August last year, Mubadala-backed G42 established a $10 billion fund to invest in emerging technology in high-growth regions. In October of that year, Mubadala Health and G42 Healthcare joined to look for innovative solutions to treat chronic illnesses. Furthermore, the region’s wealth funds have shown great interest in investing in this sector. The Abu Dhabi Investment Authority, the city’s largest wealth fund, revealed plans to co-invest with Swedish firm EQT AB in the UK-based Dechra Pharmaceuticals.