Blackstone makes health care foray in India
Transactions - OCTOBER 31, 2023

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Blackstone makes health care foray in India

by Andrea Zander

Blackstone has plans to acquire a controlling stake in two South-based hospital chains in India, CARE Hospitals and KIMSHEALTH, creating India’s fourth-largest hospital platform in the country for more than $1 billion.

The companies did not disclose financial terms of the deal.

The seller was TPG RISE Funds platform Evercare. Media reports has estimated a sales price of $700 million for the CARE Hospitals acquisition.

“Life sciences is a key investment theme for Blackstone, and we plan to bring in our global scale and operating expertise,” said Ganesh Mani, managing director at Blackstone Private Equity.

Blackstone is taking more than a 75 percent ownership in Indian hospital chain, CARE Hospitals. TPG will retain a minority stake in the combined platform on behalf of its Evercare Health Fund.

In a separate deal, Care Hospitals will buy a majority stake in Kerala-based hospital chain KIMSHEALTH, which operates under Kims Healthcare Management

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