KKR to buy cancer care hospital chain HCG from CVC for $400 million
KKR has acquired a controlling stake in leading cancer care hospital chain Healthcare Global from private equity peer CVC Capital Partners for Rs 3466 crore ($400 million), doubling down on the healthcare sector that has already seen massive PE-led consolidation.
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KKR will be buying 54% of HCG from CVC at Rs 445/share, an 11% discount to Friday’s closing price, the company said in a statement on Sunday after signing definitive agreements. It will then launch an open offer for another 26% from public shareholders, which if fully subscribed to, will take KKR’s ownership to as much as 77%. CVC Capital Partners, which currently owns 60.36%, will retain a 7-9% shareholding at deal closure.
Funds managed by KKR will become the largest shareholder in HCG and assume sole control of HCG’s operations, the statement further added.
“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,” said Akshay Tanna, Head of India Private Equity, KKR.
ET was the first to report about KKR finalising the HCG acquisition in its February 14th edition. Earlier on December 4th, it was also the first to report that KKR is closing in on the acquisition.
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