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Life Healthcare accepts offer for its stake in Max Healthcare

Life Healthcare, one of South Africa’s largest private healthcare providers, announced it has accepted an offer from KKR to acquire its 49.7% stake in Max Healthcare Institute Limited. KKR is a leading global investment firm that manages multiple alternative asset classes.

The transaction consists of the sale of approximately 267 million shares which represents 49.7% of the share capital of Max Healthcare Institute Limited at INR 80 per share. With a net value of approximately R4.25 billion, the transaction marks the sale of Life Healthcare’s ownership interest in the Indian business.

The transaction is subject to signing of definitive agreements and receiving relevant regulatory approvals and conclusion of the transaction is expected before the end of December 2018.

Making the announcement, Life Healthcare’s Group CEO, Dr Shrey Viranna said the transaction will further enable Life Healthcare to focus on its core operations in South Africa, UK, and other European countries.

“Life Healthcare’s strategy is evolving from delivering acute hospital care in emerging markets towards a much deeper approach to integrated healthcare which will leverage off the diagnostics capability of Alliance Medical Group in Western Europe.

While acute hospital care will remain our core business for the foreseeable future, our growth going forward will be derived from further expansion into complementary healthcare businesses that offer diagnostics, mental health, oncology, rehabilitation and primary healthcare services along the entire continuum of care.” he said.

The Group will initially use the funds to settle debt as well as to invest in growth opportunities in its core markets.

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