US-based private equity company General Atlantic is set to acquire about 70% stake in Ujala Cygnus Healthcare Services, reported LiveMint.
Owned by media group Amar Ujala and headquartered in Delhi, India, Ujala Cygnus Healthcare Services is a multi-speciality hospital chain.
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The deal is reportedly valued at about Rs16bn ($192.32m) and involves General Atlantic acquiring a 51% stake from existing investors.
The investors include Eight Roads Ventures India, Evolvence India Fund, and Somerset Indus Healthcare Fund.
Additionally, General Atlantic is set to acquire a minority stake from the promoters along with a primary stake.
The sources told LiveMint that the deal is presently in the documentation phase, and is expected to be finalised within the next few weeks.
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By GlobalDataAs per the hospital website, Ujala Hospital network spans 20 locations across 16 cities including in Haryana, Uttar Pradesh, Uttarakhand, Jammu & Kashmir, and Delhi.
So far, the hospital network is claimed to serve more than one million patients.
It provides preventive and diagnostic treatment options covering more than 30 specialities, including Kidney transplant, liver transplant, oncology, neurosciences, urology, gastroenterology, cardiac sciences, orthopaedics, nephrology, pulmonology, aesthetic and reconstructive surgery, endocrinology, and diabetes.
It has a team of over 300 doctors and medical experts.
In October, DealStreetAsia reported that General Atlantic emerged as the sole contender to acquire a roughly 60% stake in Cygnus Medicare, the operator of Ujala Cygnus hospitals in north India.
The deal for Cygnus Medicare was then estimated to range between $100m and $125m, leading to the exit of current backers Somerset Indus Capital Partners, Eight Roads, and Evolvence India.
General Atlantic expects the healthcare sector in the country to benefit from favourable demographics and increasing affluence.
