India Dealbook: Blackstone buys Aadhar Housing; KKR backs Baby Memorial Hospital

Blackstone. Photo: Bloomberg

In the latest PE sector news, Blackstone said that it has completed the acquisition of 97.7 per cent stake in Aadhar Housing Finance Limited while KKR India has pumped an undisclosed amount in Baby Memorial Hospital (BMH).

Blackstone buys Aadhar Housing Finance

Global investment firm Blackstone Tuesday said it has completed the acquisition of 97.7 per cent stake in Aadhar Housing Finance Limited including the entire stake held by the existing controlling shareholders, Wadhawan Global Capital Limited (WGC) and Dewan Housing Finance Limited.

As part of the transaction, Blackstone has also infused Rs800 crore primary equity capital into Aadhar to fund the company for future growth, it said in a statement.

Amit Dixit, head of India Private Equity and senior managing director at Blackstone, said: “Our primary capital infusion of Rs 8,00 crore has approximately doubled the company’s net worth and reduced its debt-to-equity ratio by roughly half. We expect the rating agencies and company’s lenders to welcome the ownership transition to a long-term, well-capitalised and patient investor in Blackstone.”

KKR backs Baby Memorial Hospital

KKR India Financial Services Pvt. Ltd, KKR’s alternative credit business in India, has invested an undisclosed amount in Kerala-based Baby Memorial Hospital (BMH), VCCircle reported.

The firm will use the funding to refinance existing term loans and for brownfield expansion, the report said.

Founded in 1987 by KG Alexander, BMH provides tertiary care services across multiple specialties and also has an academy offering nursing and paramedical courses. It claims to have a team of 300 doctors and over 2000 nursing, paramedical and administrative staff.