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The transaction is subject to regulatory approvals and other customary closing conditions.Ībhay 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. KKR will also acquire an additional stake of 4.99% in the Merged Entity from Max Promoters, funded primarily from KKR Asian Fund III. Max India's current promoters ("Max Promoters") will subsequently step down through the process of de-promoterisation after completion of the merger. The Combined Entity will be promoted by Abhay Soi and co-promoted by KKR. Upon closing, Abhay Soi will lead the combined company as its Chairman, supported by a strong leadership team. By providing best-in-class patient care, the combined business plans to address India's growing demand for quality medical treatment. The combined business is expected to drive significant growth and compelling business synergies. The network will be supported by strong local brands such as BLK Hospital, Max Saket Hospital, Max Smart Hospital, Max Patparganj Hospital, Nanavati Hospital, etc. The merged entity with an equity valuation of INR 7,242 crore will become the largest hospital network in North India and amongst the top three hospital networks by revenue and the fourth largest in terms of operating beds - over 3,200 beds in 16 hospitals across India, including tertiary and quaternary care facilities offering high end critical and super speciality care. Concurrently, the non-healthcare business of Max India will be demerged into new wholly subsidiary under the residual Max India listed entity.Īvendus Capital is acting as financial advisor to Radiant Life Care and KKR. Further, Max India will reverse merge into Max Healthcare creating a newly listed entity ( “Combined Entity”).
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The acquisition will be undertaken through a series of transactions, including Radiant's purchase of a 49.7% stake in Max Healthcare from South Africa-based hospital operator Life Healthcare in an all cash deal, followed by demerger of Radiant's healthcare assets into Max Healthcare which will result in KKR and Radiant promoter Abhay Soi together acquiring a majority stake in Max Healthcare. Radiant Life Care Private Limited ( "Radiant"), a leading Indian hospital management company promoted by Abhay Soi and backed by global investment firm KKR, announced today that it has entered into a transaction whereby its shareholders will eventually acquire a majority stake in Max Healthcare Institute Limited ( "Max Healthcare") from Max India Limited ( "Max India").