A contract has been signed for the sale of Paphos's largest private hospital.
Evangelismos Hospital has been acquired by foreign investors. Documents related to the deal have been sent to the Cyprus Competition Commission (CPC) for final approval.
Notably, the hospital occupies a significant share of the medical services market in Paphos and is a key component of the coastal city's private healthcare system. According to local experts, the hospital generates several million euros in revenue annually.
The new owner of Evangelismos is reportedly an investment group controlled by a diversified conglomerate from Abu Dhabi that already owns several other private medical centers in Cyprus. These include Apollonion, Aretaeion Hospital, the American Medical Center, and Gialletto Ltd., a radiology service provider. Currently, the foreign investor is strengthening its position in the healthcare market of the island nation.
The financial terms of the deal will be announced after the CPC grants approval. However, it is already known that the contract is estimated to be worth tens of millions of euros.
Thus, the sale of Evangelismos is one of the largest private investments in healthcare in the region's history. It should be noted that Evangelismos is part of the Cyprus General Healthcare System (GESY). Transferring the hospital to a foreign investor may affect its future development strategy.
The new owners are expected to invest in expanding the infrastructure and introducing modern technologies. Details of the deal and the clinic's development plans will be made public once all legal procedures have been completed.