Private equity company Kohlberg Kravis Roberts (KKR) is in exclusive discussions to acquire a controlling stake in HealthCare Global Enterprises (HCG), an oncology-focused hospital chain owned by Corporate Venture Capital (CVC Capital), as reported by Moneycontrol.

KKR has reportedly signed exclusivity agreements with CVC Capital for the proposed acquisition.

The proposed acquisition is valued at nearly Rs70bn ($832.49m), according to siliconindia.

Bengaluru-based HCG operates a network of 22 cancer centres across India and Africa.

The hospital chain, which went public in 2016 with an initial public offering that raised Rs6.5bn, has attracted interest from several potential buyers.

CVC Capital, which acquired a controlling stake in HCG in 2020 for Rs10.49bn, currently holds a 60.36% stake valued at approximately Rs36.13bn based on the stock's closing price in the previous week.

Should KKR's bid be successful, it will trigger a mandatory open offer for the 26% stake held by public shareholders.

HCG's founders, BS Ajaikumar and his family, will retain a 10.87% stake in the chain.

KKR has a history of investments in the healthcare sector, including a definitive agreement signed in May 2024 to acquire a minority stake in Infinx Services, an AI-powered healthcare revenue cycle solutions provider.

Additionally, KKR entered a definitive agreement in July to acquire a controlling stake in Baby Memorial Hospital, a multi-speciality hospital network in Kerala, India.

KKR and CVC Capital have refrained from commenting on the ongoing negotiations.