Simpson Thacher is representing KKR in its acquisition of up to 54% of the equity in Healthcare Global Enterprises (HCG) from CVC at a purchase price of INR 445 per share. Pursuant to the Securities and Exchange Board of India’s (SEBI) Takeover Regulations, an open offer will be conducted by KKR to purchase additional equity shares in HCG from public shareholders. Upon completion of the transaction, KKR is expected to hold an equity stake of between 54-77%.
Founded in 1989, HCG is one of India’s largest oncology hospital chains. HCG operates 25 medical care centers across 19 cities with best-in-class infrastructure including 2,500 beds, nearly 100 operating theaters and 40 linear accelerator machines (LINACs).
KKR makes its investment from its Asia Fund IV. This transaction marks KKR’s latest investment in India’s healthcare space. Past investments in this sector have included Baby Memorial Hospital, a leading regional multi-specialty hospital chains in India; Healthium, a leading Indian medical devices company; Infinx, a tech-enabled healthcare revenue solutions provider; Max Healthcare, one of India’s largest hospital networks; JB, a leading branded formulations pharmaceutical company in India and Gland Pharma, a leading Indian pure-play generic injectable pharmaceutical products company. The Firm represented KKR in each of these investments.
The transaction is expected to close by the third quarter of 2025, subject to customary closing conditions and regulatory approvals.
The Simpson Thacher team includes Ian Ho and Valerie Fung (M&A); Anuj Shah, Anna Gu and Mark Watson (Credit); Etienne Renaudeau, Pauline Patat and Alysha Hoare (Antitrust); Bill Smolinski and Ruoxi Zhang (Tax); and Steve DeLott (Insurance).