KKR Acquires Controlling Stake in Indian Healthcare Provider Healthcare Global Enterprises for $400 Million
KKR has announced the acquisition of a controlling stake in Healthcare Global Enterprises (HCG), India's leading oncology hospital chain. KKR will acquire up to 54% equity from CVC Asia V at INR 445 per share, with potential ownership between 54-77% following an open offer to public shareholders. The deal values at approximately $400 million.
Founded in 1989, HCG operates 25 medical centers across 19 Indian cities, featuring 2,500 beds, nearly 100 operating theaters, and 40 linear accelerator machines. Dr. BS Ajaikumar, HCG's founder, will transition to Non-Executive Chairman, focusing on clinical excellence and R&D.
The transaction, funded through KKR's Asia Fund IV, is expected to close by Q3 2025, subject to regulatory approvals. This marks KKR's latest investment in India's healthcare sector, following investments in Baby Memorial Hospital, Healthium, Infinx, Max Healthcare, JB, and Gland Pharma.
KKR ha annunciato l'acquisizione di una partecipazione di controllo in Healthcare Global Enterprises (HCG), la principale catena di ospedali oncologici in India. KKR acquisirà fino al 54% delle azioni da CVC Asia V a INR 445 per azione, con una potenziale proprietà compresa tra il 54% e il 77% dopo un'offerta pubblica agli azionisti. L'affare è valutato a circa 400 milioni di dollari.
Fondata nel 1989, HCG gestisce 25 centri medici in 19 città indiane, con 2.500 letti, quasi 100 sale operatorie e 40 macchine per acceleratori lineari. Il Dr. BS Ajaikumar, fondatore di HCG, passerà a Presidente Non Esecutivo, concentrandosi sull'eccellenza clinica e sulla ricerca e sviluppo.
La transazione, finanziata attraverso il Fondo Asia IV di KKR, dovrebbe chiudersi entro il terzo trimestre del 2025, soggetta ad approvazioni normative. Questo segna il più recente investimento di KKR nel settore sanitario indiano, dopo investimenti in Baby Memorial Hospital, Healthium, Infinx, Max Healthcare, JB e Gland Pharma.
KKR ha anunciado la adquisición de una participación de control en Healthcare Global Enterprises (HCG), la principal cadena de hospitales oncológicos de India. KKR adquirirá hasta el 54% de las acciones de CVC Asia V a INR 445 por acción, con una propiedad potencial entre el 54% y el 77% tras una oferta pública a los accionistas. El acuerdo tiene un valor aproximado de 400 millones de dólares.
Fundada en 1989, HCG opera 25 centros médicos en 19 ciudades indias, con 2,500 camas, casi 100 quirófanos y 40 máquinas de aceleradores lineales. El Dr. BS Ajaikumar, fundador de HCG, pasará a ser Presidente No Ejecutivo, centrándose en la excelencia clínica y la I+D.
La transacción, financiada a través del Fondo Asia IV de KKR, se espera que se cierre para el tercer trimestre de 2025, sujeto a aprobaciones regulatorias. Esta marca la última inversión de KKR en el sector de la salud de India, tras inversiones en Baby Memorial Hospital, Healthium, Infinx, Max Healthcare, JB y Gland Pharma.
KKR는 인도의 주요 종양학 병원 체인인 Healthcare Global Enterprises (HCG)의 지배 지분 인수를 발표했습니다. KKR은 CVC Asia V로부터 주당 INR 445에 최대 54%의 지분을 인수하며, 공개 제안 이후 54%에서 77% 사이의 소유권을 가질 수 있습니다. 이번 거래는 약 4억 달러로 평가됩니다.
1989년에 설립된 HCG는 19개 인도 도시에서 25개의 의료 센터를 운영하며, 2,500개의 병상, 거의 100개의 수술실, 40개의 선형 가속기 기계를 보유하고 있습니다. HCG의 창립자인 Dr. BS Ajaikumar는 비상임 의장으로 전환되어 임상 우수성과 연구 개발에 집중할 것입니다.
이번 거래는 KKR의 아시아 펀드 IV를 통해 자금을 조달하며, 규제 승인에 따라 2025년 3분기까지 마무리될 것으로 예상됩니다. 이는 KKR의 인도 의료 분야에 대한 최신 투자로, Baby Memorial Hospital, Healthium, Infinx, Max Healthcare, JB 및 Gland Pharma에 대한 투자에 이어집니다.
KKR a annoncé l'acquisition d'une participation de contrôle dans Healthcare Global Enterprises (HCG), la principale chaîne d'hôpitaux oncologiques en Inde. KKR acquerra jusqu'à 54 % des actions de CVC Asia V à 445 INR par action, avec une propriété potentielle entre 54 % et 77 % suite à une offre publique aux actionnaires. L'accord est évalué à environ 400 millions de dollars.
Fondée en 1989, HCG exploite 25 centres médicaux dans 19 villes indiennes, avec 2 500 lits, près de 100 salles d'opération et 40 machines d'accélérateurs linéaires. Dr. BS Ajaikumar, le fondateur de HCG, passera à la présidence non exécutive, se concentrant sur l'excellence clinique et la R&D.
La transaction, financée par le fonds Asie IV de KKR, devrait être finalisée d'ici le troisième trimestre 2025, sous réserve des approbations réglementaires. Cela marque le dernier investissement de KKR dans le secteur de la santé en Inde, après des investissements dans Baby Memorial Hospital, Healthium, Infinx, Max Healthcare, JB et Gland Pharma.
KKR hat die Übernahme einer Mehrheitsbeteiligung an Healthcare Global Enterprises (HCG), der führenden Onkologie-Krankenhauskette in Indien, angekündigt. KKR wird bis zu 54% des Eigenkapitals von CVC Asia V zu INR 445 pro Aktie erwerben, mit einer potenziellen Beteiligung zwischen 54% und 77% nach einem öffentlichen Angebot an die Aktionäre. Das Geschäft wird auf etwa 400 Millionen Dollar geschätzt.
HCG wurde 1989 gegründet und betreibt 25 medizinische Zentren in 19 indischen Städten mit 2.500 Betten, fast 100 Operationssälen und 40 Linearbeschleunigermaschinen. Dr. BS Ajaikumar, der Gründer von HCG, wird zum nicht-executive Chairman wechseln und sich auf klinische Exzellenz und Forschung & Entwicklung konzentrieren.
Die Transaktion, die über KKR's Asia Fund IV finanziert wird, soll bis zum dritten Quartal 2025 abgeschlossen sein, vorbehaltlich der behördlichen Genehmigungen. Dies ist KKR's neueste Investition im indischen Gesundheitssektor, nach Investitionen in Baby Memorial Hospital, Healthium, Infinx, Max Healthcare, JB und Gland Pharma.
- Acquisition of majority stake (54-77%) in established oncology hospital chain
- HCG's extensive infrastructure including 2,500 beds and 40 LINACs across 19 cities
- Strategic expansion of KKR's healthcare portfolio in India
- Potential for operational improvements leveraging KKR's global healthcare expertise
- Extended closing timeline (Q3 2025) creates execution uncertainty
- Pending regulatory approvals could affect deal completion
- High acquisition price at INR 445 per share requires significant capital deployment
Insights
This strategic acquisition significantly strengthens KKR's healthcare portfolio in India while marking a pivotal moment in the consolidation of specialized healthcare services in the region. HCG's network of 25 medical centers with 2,500 beds represents a substantial footprint in India's oncology care market, where cancer treatment demand is rapidly growing.
The transaction structure, involving a direct stake purchase at
HCG's infrastructure, including 40 linear accelerator machines and 100 operating theaters, positions it uniquely in India's oncology care market. The retention of Dr. BS Ajaikumar as Non-Executive Chairman, focusing on clinical excellence and R&D, suggests a balanced approach to maintaining clinical standards while pursuing operational improvements.
This acquisition fits into KKR's broader healthcare investment thesis in India, complementing their existing portfolio which includes Max Healthcare and Baby Memorial Hospital. The potential for cross-pollination of best practices and operational synergies across these healthcare assets could drive significant value creation. The focus on oncology services is particularly strategic given India's growing cancer burden and the increasing demand for specialized treatment centers.
The transaction's timing coincides with increasing private equity interest in India's healthcare sector, driven by favorable demographics, rising healthcare spending, and the need for specialized medical services. KKR's global healthcare expertise could accelerate HCG's growth through technological upgrades, operational improvements, and potential geographic expansion, particularly in underserved markets.
KKR to be the largest and controlling shareholder
As part of the transaction, KKR will acquire up to
Founded in 1989, HCG is one of India’s largest oncology hospital chains. HCG operates 25 medical care centers across 19 cities with best-in-class infrastructure including 2,500 beds, nearly 100 operating theaters and 40 linear accelerator machines (LINACs).
Akshay Tanna, Partner and Head of India Private Equity, KKR, said, “HCG is a pioneer in cancer care in
Dr. BS Ajaikumar, Founder, HCG, said, “I want to thank CVC for their support through the years, helping the management to put HCG in the strong position it is in today. I am delighted to welcome KKR, with their investment and operational expertise in healthcare in
Siddharth Patel, Managing Partner, CVC, said, “We are proud to have supported HCG’s transformation at a critical juncture in time to build it into one of India’s leading healthcare organizations and the delivery of high-quality care to many patients over the years.” Amit Soni, Partner, CVC added, “Our partnership with Dr. Ajaikumar and the management team is a testimony to the ability to combine clinical and professional acumen to increase the reach of cancer care in
KKR makes its investment from its Asia Fund IV. This transaction marks KKR’s latest investment in India’s healthcare space. Past investments in this sector have included Baby Memorial Hospital, a leading regional multi-specialty hospital chains in
The transaction is expected to close by the third quarter of 2025, subject to customary closing conditions and regulatory approvals.
About HCG
HealthCare Global Enterprises Ltd. (HCG), headquartered in Bengaluru, is one of the largest providers of cancer care in
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
About CVC
CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the
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Media Inquiries
For HCG
Shipali S Poojary
shipali.p@hcgel.com
For KKR
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com
For CVC
Delna Irani
Adfactors PR
+91 22 6757 4444
cvc@adfactorspr.com
Source: KKR
FAQ
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