Global investment firm KKR-backed hospital management company Radiant Life Care has acquired a majority stake in Max Healthcare Institute Limited from Max India Limited.
Radiant Life Care will be acquiring 49.7% stake in Max Healthcare from South Africa-based hospital operator Life Healthcare in an all-cash deal. The acquisition will be followed by a de-merger of Max Healthcare, sources close to the development said.
Radiant Life Care which is promoted by entrepreneur Abhay Soi ill lead the combined company as its Chairman, supported by a strong leadership team.
In the final entity, KKR will have majority stake with 51.9% stake and Abhay Soi will have 23% stake. Analjit Singh, the founding promoter of Max India will be classified as non-promoters in the merged entity and finally settle with 7% stake after selling 4.99% stake to KKR in the merged entity as per the company announcement.
Radiant Life care CMD Abhay Soi said, “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.”
Analjit Singh, Founder & Chairman Emeritus of Max Group, said, “Max Healthcare has been an integral part of my entrepreneurial journey and I can’t think of better partners than Radiant, backed by KKR, to carry forward this legacy. The merger offers significant growth potential with revenue and cost efficiencies to be extracted.”
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