KKR To Acquire HealthCare Global From CVC Asia For Rs 3,350 Crore
US private equity firm KKR & Co. will acquire a majority stake in HealthCare Global Enterprises Ltd. for around Rs 3,350 crore.
Promoter entity CVC Asia on Sunday signed definitive agreements with KKR-affiliate Hector Asia Holdings II Pte and KIA EBT II Scheme 1 for the sale of up to 54% of the diluted voting share capital at Rs 445 per share, according to an exchange filing.
CVC currently owns 60.35% shareholding in HCG through its arm Aceso Co.
The first tranche of the transaction will involve the acquisition of 51% equity. The second tranche of 3% will only be acquired if KKR's open offer for an additional 26% stake does not go through.
The open offer consists of up to 3.7 crore shares for Rs 504.41 apiece for an aggregate amount of Rs 1,870 crore.
Upon completion of the transaction, KKR is expected to hold an equity stake of between 54-77%, the filing said. The transaction is expected to close by the third quarter of 2025, subject to customary closing conditions and regulatory approvals.
HCG founder BS Ajaikumar will take on the role of non-executive chairman and will focus on driving clinical, academic and research and development. He owns 10.4% stake.
The cancer care provider operates 25 medical care centers across 19 Indian cities, with a capacity of 2,500 beds, nearly 100 operating theaters and 40 linear accelerator machines.
"As healthcare continues to be a thematic focus for KKR in India, our investment in HCG will support the development of medical infrastructure and the delivery of critical oncology services and care to more patients in the country," Akshay Tanna, partner and head of India private equity at KKR, said in a statement.
The private equity major is investing in Indian healthcare through its Asia Fund IV, adding to a portfolio that includes Baby Memorial Hospital, Healthium, Infinx, Max Healthcare Ltd., JB, and Gland Pharma Ltd.
Shares of HCG ended 1.5% lower at Rs 499.75 apiece on Friday, compared to a 0.51% decline in the benchmark Nifty 50.
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