Blackstone is in final negotiations with Seoul-headquartered MBK about the sale and signing of the deal could happen soon, said one of the sources, who all declined to be named as the information is confidential.
Prasad, with over 30 years of experience, was most recently the president of Apollo Group Hospitals, where he played a pivotal role in shaping the journey of Apollo Hospitals having overseen the growth from 1,200 beds to 10,000 beds. He also serves as the executive chairman of Society for Emergency Medicine, India. He has been honored with a Fellowship by Royal College of Emergency Medicine, UK and International Federation of Emergency Medicine.
Novo Holdings is the latest challenger in a hotly contested bidding process for Healthium, 99.8% owned by Apax Partners. Buyout funds KKR, Hillhouse, EQT, Blackstone and TA Associates among others have already been shortlisted after the initial rounds, ET reported on March 11. Novo Holdings' foray is expected to exacerbate competition for Healthium, which has been valued by rival bidders at Rs 6,500-7,000 crore. Due diligence for the company is underway.
Care Hospitals Group plans to make more acquisitions to become the third-largest hospital chain in India. In an interview to ET, the group's CEO said that the group is targeting hospitals in eastern India. Blackstone acquired a majority stake in Care Hospitals last year, and the group has signed an agreement to acquire a majority stake in KIMS Health.
TPG, whose shareholding in CARE Hospitals is held in its Evercare Health Fund, will retain a significant minority stake in the combined platform. KIMSHEALTH will continue under the leadership of Dr MI Sahadulla, Founder, Chairman & Managing Director, KIMSHEALTH in the next wave of growth of the platform.
Quality Care India Limited (QCIL), a hospital platform owned by Blackstone, has agreed to acquire KIMS Health Management (KHML), Kerala's leading hospital chain, for ₹3,500 crore ($400 million). With this acquisition, QCIL will become the fourth largest hospital group in India, owning close to 3,800 beds.
Private equity firms BPEA EQT and Ontario Teachers' Pension Plan Board are considering acquiring Aster DM Healthcare Ltd.'s assets in India. The deal would allow the investors to tap into the growth potential of healthcare services in the country. Other potential bidders for Aster's India business include Blackstone and KKR.
According to two separate releases, CCI said it has approved the acquisition of about 72.49 per cent and 24.16 per cent stake in Quality Care India Ltd by BCP Asia II and Centella Mauritius Holdings Ltd, respectively. BCP Asia II is controlled by funds advised and/or managed by affiliates of Blackstone Inc, while Centella Mauritius Holdings is a special purpose investment vehicle controlled by the affiliates of TPG Inc.
Several global funds, including Blackstone, Carlyle, PAG, CVC Capital, BPEA EQT, Brookfield Asset Management, and Apax Partners, are interested in acquiring Hyderabad-based pharmaceutical company Sai Life Sciences. The company is currently valued at $800 million, but it is expected to be valued at around $500 million.
Dr Reddy's said in a statement that it will not comment on market speculations over private equity (PE) firm Bain Capital approaching the company to explore a joint bid for Cipla's promoters' stake. The clarification comes after ET's report about private equity firm Bain Capital has approached Dr Reddy's to explore a joint bid for the promoters of Cipla.
Aurobindo Pharma promoters have begun the process of selling a majority stake in its injectables business, Eugia Pharma Specialities, after negotiations with potential suitors failed to meet valuation expectations. The promoters have hired investment bank Moelis to manage the sale.
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