Radiant Life Care, hospital-management company and KKR, a global asset manager, have concluded a deal to acquire majority stake in Max Healthcare Institute Limited, reports Business Standard (BS).
“The proposed acquisition of a majority stake in Max Healthcare marks an exciting step forward in our strategy to increase scale by merging with a leading and complementary hospital network. We are fortunate to have strong support from KKR as we continue our mission of providing superior medical services in India,” said Radiant Life Care CMD, Abhay Soi.
The Radiant-Max deal would create North India’s largest hospital network. The merged entity will also operate the third largest hospital network in India by revenue and fourth largest concerning operating beds, with 3,200 beds throughout 16 hospitals across India.
The acquisition would first involve the purchase of 49.7 per cent stake in Max Healthcare, a unit of Max India, by Radiant from the South Africa firm, Life Healthcare. Later, Max Bupa and Antara Senior Living, two other units of Max India, will be de-merged from Max Healthcare.
Following the demerger, Radiant Life will merge itself with the remaining assets of Max Healthcare. In the combined entity, KKR will own 51.9 per cent and Soi of Radiant Life will hold 23 per cent.
On 13 December, it was reported that Radiant Life Care was pursing talks with Max for a merger.
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