KKR acquires controlling stake in Healthcare Global Enterprises for $400 Mn

KKR and Healthcare Global Enterprises announced the signing of definitive agreements with CVC, a global private markets manager, under which funds managed by KKR will become the largest shareholder in HCG and assume sole control of HCG’s operations. Dr BS Ajaikumar, Founder, HCG, will take on the role of Non-Executive Chairman and will aim to focus on driving clinical, academic and research and development excellence.

As part of the transaction, KKR will acquire up to 54 per cent of equity in HCG from CVC Asia V at a purchase price of Rs 445 per share. Pursuant to the Securities and Exchange Board of India’s (SEBI) Takeover Regulations, KKR will make an open offer 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 per cent. 

Founded in 1989, HCG is one of India’s largest oncology hospital chains. HCG operates 25 medical care centres across 19 cities with best-in-class infrastructure including 2,500 beds, nearly 100 operating theatres 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, Healthium, Infinx, Max Healthcare, JB Pharma and Gland Pharma.

The transaction is expected to close by the third quarter of 2025, subject to customary closing conditions and regulatory approvals.