Abu Dhabi’s M42, a newly created healthcare joint venture by state fund Mubadala Investment Company and artificial intelligence firm G42, has acquired Bridgepoint Group’s European dialysis clinic chain Diaverum.

M42 will buy Sweden-based Diaverum, making it the largest healthcare company in the Middle East, it said in a statement.

M42 did not disclose the value of the transaction in the statement. The transaction, which is subject to regulatory approvals, is expected to close later in 2023.

Diaverum, founded in 1991, is a multinational firm which provides renal care and operates 440 clinics in 23 countries.

Mubadala and G42 announced on Monday they were combining their healthcare assets into M42, which will own a large portfolio which includes Imperial College London Diabetes Centre, Danat Al Emarat, and HealthPoint Hospital.

Gulf investors have been eyeing opportunities in Europe and elsewhere amid another round of global volatility, supported by proceeds from oil sales after prices last year reached their highest levels since 2008.