The agreement, which involves a transaction with CVC, a global private markets manager, will see KKR acquire up to 54% of HCG’s equity from CVC Asia V at a price of Rs 445 per share.
In accordance with the Securities and Exchange Board of India (SEBI) Takeover Regulations, KKR will also conduct an open offer to purchase additional equity shares from public shareholders. Upon completion of the transaction, KKR's total equity stake in HCG is expected to range between 54% and 77%.
Dr. BS Ajaikumar, the founder of HCG, will transition to the role of non-executive chairman, where he will focus on driving clinical, academic, and research and development excellence within the organization.
The transaction is expected to close by the third quarter of 2025, subject to customary closing conditions and regulatory approvals.
Separately, KKR has initiated an open offer to acquire up to 26% of HCG’s expanded voting share capital, offering to purchase 3,70,90,327 equity shares at Rs 504.41 per share, for a total consideration of Rs 1870,87,31,842.07.
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).