The acquisition enables Max Healthcare to have control over a 500-bed hospital in Noida and two other hospitals in Bulandshahr and Anoopshahr. Credit: samsam62/Shutterstock.

Max Healthcare Institute has seen its shares increase by as much as 4% on 12 November 2024, following the completion of its acquisition of Jaypee Hospital, as reported by MoneyControl.

The acquisition was initially announced in September.

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At 10:08 am, the company’s shares were trading at Rs1,040.45 ($12.32) on the NSE, having reached a day’s high of Rs1,064.80 earlier.

Max Healthcare has acquired a 64% stake in the ailing Jaypee Healthcare at an enterprise value of Rs16.60bn, with an option agreement for the remaining 36%.

This strategic move was facilitated through a partnership with Lakshdeep Group, the promoter of Jaypee Healthcare, which is under the Corporate Insolvency Resolution Process.

As part of the acquisition, Max Healthcare has authority over a 500-bed hospital in Noida and two other hospitals in Bulandshahr and Anoopshahr, Uttar Pradesh.

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The company also plans to arrange debt to settle the Jaypee Healthcare financial creditors’ admitted claims.

Max Healthcare Institute chairman and managing director Abhay Soi said: “Adding JHL to our network marks an important milestone in building a strong presence in NCR—a region not only home to 46 million people but also a vital economic hub in India.”

The company’s recent quarterly earnings report showed a nearly 2% year-on-year growth in net profit at Rs3.49bn.

Revenue also saw a 22% increase to Rs22.28bn, attributed to increased operational bed days and average revenue per occupied bed, which stood at Rs76,100, up 2% from the previous year.

Earlier in February 2024, Max Healthcare expanded its footprint with the purchase of a land parcel in Lucknow for a new hospital development and the acquisition of Alexis Multi Speciality Hospital for Rs4.12bn.

Alexis Multi Speciality is a Joint Commission International accredited facility with 200 beds and potential for expansion to 340 beds.