meed-logo

line1 line2 line3
SIGN IN / REGISTER

Mubadala acquires stake in $17bn US healthcare platform

5 December 2024

Abu Dhabi-based Mubadala Investment Company has agreed to purchase a minority stake in Zelis, a US-based healthcare technology solutions provider.

Mubadala Investment Company is the lead investor, alongside a group of investors including Norwest and HarbourVest, both US-headquartered private equity firms.

Parthenon and Bain Capital remain the majority owners of Zelis.

Mina Hamoodi, head of Healthcare Investments at Mubadala, said the deal is “the largest investment that we have made in the healthcare space”.

In October, Bloomberg reported that Mubadala was nearing a deal to buy a minority stake in the private equity-backed company, reportedly valued at $17bn at the time.

“Zelis is helping to streamline the US healthcare financial experience, which is complex and in need of technology-driven solutions that can unlock efficiencies and create better outcomes for everyone engaged in the care journey,” said Hamoodi.

Zelis is “modernising the healthcare financial experience” by providing a connected platform that bridges the gaps and aligns interests across payers, providers and healthcare consumers.

The platform serves over 750 payers, including the US’ top five national health plans, BCBS insurers, regional health plans, third-party administrators and self-insured employers, and millions of healthcare providers and consumers.

Goldman Sachs & Co and JP Morgan Securities served as financial advisers and Kirkland & Ellis acted as legal advisers to Zelis.

Evercore served as financial adviser and Akin Gump Strauss Hauer & Feld acted as legal counsel to Mubadala.

The transaction closed on 26 November.

Photo credit: PIxabay (for illustrative purposes only)

https://image.digitalinsightresearch.in/uploads/NewsArticle/13069051/main.jpg
Jennifer Aguinaldo

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Kuwait tenders major infrastructure packages

    23 March 2026

     

    Kuwait’s Ministry of Public Works (MPW) has tendered several contracts for infrastructure works across various parts of the country.

    The first tender covers the construction of rainwater drainage systems in the Sabah Al-Ahmad South, Sabah Al-Ahmad, Al-Khairan and Al-Wafra residential areas.

    The second tender includes the construction of a treated water system in Kuwait’s southern region.

    The third tender covers the construction of a treated water system in Kuwait’s northern region.

    The final tender covers the construction of roads, bridges, stormwater drainage, sewage and other services for a section of the Kabd-Sulaibiya Road, as well as a section of the Kabd-Sulaibiya industrial road link.

    MPW issued all of these tenders on 22 March, with a bid submission deadline of 21 April.

    UK analytics firm GlobalData expects Kuwait’s construction industry to grow by 5.1% in 2026-29, supported by government investment in the oil and gas sector aimed at raising production, as well as investment in the infrastructure sector.

    In the short term, growth will be boosted by planned expenditure under the 2025-26 budget, which was approved in March 2025.

    The construction industry in Kuwait is expected to record an annual average growth rate of 4.9% in 2026-29, supported by investments in renewable energy, transport, and oil and gas projects.

    The commercial construction sector is expected to grow by 4.8% in 2026-29, supported by public and private sector investment in the construction of hotels, retail outlets and office buildings.

    READ THE MARCH 2026 MEED BUSINESS REVIEW – click here to view PDF

    Riyadh urges private sector to take greater role; Chemical players look to spend rationally; Economic uptick lends confidence to Cairo’s reforms.

    Distributed to senior decision-makers in the region and around the world, the March 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16083252/main.jpg
    Yasir Iqbal
  • Qiddiya tenders new infrastructure package

    23 March 2026

     

    Saudi Arabian gigaproject developer Qiddiya Investment Company (QIC) has tendered a contract inviting firms to bid for new infrastructure works in Qiddiya Entertainment City.

    The scope covers two infrastructure development packages in District 0 of Qiddiya Entertainment City, including the construction of four event park-and-ride facilities.

    The tender was issued on 11 March, with a bid submission deadline of 22 April.

    Lebanese firm Dar Al-Handasah and Saudi-based Sets International are serving as project consultants.

    QIC is accelerating plans to develop additional assets at Qiddiya City. Earlier this month, the company set a 16 April deadline for firms to submit prequalification statements for the Qiddiya high-speed rail project in Riyadh.

    Previously, MEED reported that QIC had received bids from contractors on 23 February for a SR980m ($261m) contract covering the construction of staff accommodation at Qiddiya Entertainment City.

    The project will cover an area of more than 105,000 square metres (sq m).

    Last month, QIC started the main construction works on its performing arts centre at Qiddiya Entertainment City.

    The Qiddiya City performing arts centre is one of several major projects within the greater Qiddiya development. Other projects include an e-games arena, Prince Mohammed Bin Salman Stadium, a motorsports track, the Dragon Ball and Six Flags theme parks, and Aquarabia.

    In December last year, QIC officially opened the Six Flags theme park to the public.

    The theme park covers an area of 320,000 sq m and features 28 rides and attractions, 10 of which are thrill rides and 18 designed for families and young children.

    The Qiddiya project is a key part of Riyadh’s strategy to boost leisure tourism in the kingdom. According to UK analytics firm GlobalData, leisure tourism in Saudi Arabia has experienced significant growth in recent years.

    The kingdom’s tourism sector posted record-breaking numbers last year, with over 130 million domestic and international visitors entering the kingdom, representing a 6% increase over 2024.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16083013/main.jpg
    Yasir Iqbal
  • Iraq declares force majeure on foreign-operated oil fields

    23 March 2026

    Register for MEED’s 14-day trial access 

    Iraq has declared force majeure on all oil fields developed by foreign oil companies as the US and Israel’s war with Iran disrupts navigation through the Strait of Hormuz.

    The initial attack and Iran’s response have slashed Iraq’s exports.

    Prior to the war starting on 28 February, Iraq was exporting between 3.3 and 3.5 million barrels a day of crude oil.

    Oil sales account for nearly 90% of Iraq’s government revenues.

    Earlier this month, two drone strikes hit infrastructure at Iraq’s Majnoon oil field, increasing security concerns in the country’s energy sector.

    One of the drones hit a communications tower, and the other hit the office of the US engineering company KBR.

    There were no casualties as a result of the attacks.

    Foreign workers were evacuated from the site days after the US and Israel’s war with Iran started, and only Iraqi staff are currently working at the site.

    Shortly before the war started, KBR announced that it had been awarded a “major contract” by Iraq’s state-owned Basra Oil Company to provide integrated field management services for the Majnoon oil field.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16067302/main.png
    Wil Crisp
  • Libya redirects oil after fire at Sharara field

    23 March 2026

    Libya’s state-owned National Oil Corporation (NOC) has redirected flows from the Sharara oil field after a fire broke out, according to a statement.

    NOC said that alternative pipelines have been used and production remains stable.

    It also said there were no casualties as a result of the fire.

    Some oil was redirected using the El-Feel oil field pipeline to the port of Mellitah, while remaining volumes were diverted ​through the Hamada pipeline to storage tanks in Zawiya.

    ​NOC said the diverted flows would “significantly reduce losses”.

    Libya’s crude production averaged 1.37 million barrels a day in 2025, its highest level in more than a decade.

    Oil generates more than 90% of the government's revenues, and the North African country has an estimated 48-50 billion barrels of proven reserves.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16034164/main.png
    Wil Crisp
  • Oman tenders Sadaf 400kV grid station project

    23 March 2026

    Oman Electricity Transmission Company (OETC) has opened bidding for a contract to build the Sadaf 400kV grid station and associated transmission infrastructure in Al-Wusta governorate.

    The tender covers the development of a 400kV grid station and a line-in-line-out connection between the Suwaihat and Duqm Industrial grid stations. 

    The scope of work includes the design, procurement, construction, installation, testing and commissioning of the project on a turnkey engineering, procurement and construction basis. 

    Contractors are required to have completed at least two 400kV grid station projects of similar scope within the past 10 years. 

    The project includes installing a substation control system to enable local and remote monitoring and control of power equipment, including switchgear, transformers and protection systems. 

    The project forms part of efforts to strengthen transmission infrastructure in Al-Wusta and support growing demand linked to industrial developments in Duqm.

    Oman has advanced procurement on several substation projects recently as part of efforts to strengthen transmission infrastructure across the sultanate.

    In February, OETC awarded India’s Larsen & Toubro a contract to build the $100m Majan 400/220/132kV grid station.

    OETC also recently appointed Oman National Engineering & Investment Company as the main contractor for the construction of a 132/33kV grid station at Sultan Haitham City.

    The utility is also seeking consultants for two design-and-supervision contracts for the Wadi Al-Ayn 132/33kV Grid Station and the Batinah 400kV Switching Station in North Al-Sharqiyah and Al-Batinah Governorates, respectively.

    The bid submission deadline for these tenders is 24 March.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16030653/main4547.jpg
    Mark Dowdall