Radiant Life Care, an Indian hospital management company backed by global investment firm KKR, will acquire a majority stake in Max Healthcare Institute Limited from Max India Limited.
The company said, "Radiant Life Care has entered into a transaction whereby its shareholders will acquire a majority stake in Max Healthcare from Max India."
The acquisition will be undertaken through a series of transactions, including Radiant's purchase of a 49.7% stake in Max Healthcare from Life Healthcare, South Africa-based hospital operator, in an all-cash deal. This would be followed by the demerger of Radiant's healthcare assets into Max Healthcare, which will further result in KKR and Radiant promoter Abhay Soi together acquiring a majority stake in Max Healthcare.
Abhay Soi, Chairman and Managing Director of Radiant, said, "Radiant has achieved significant growth and expansion during a time of rapid industry consolidation, and 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."
