<article>Dubai-based private equity investor <a style="color: #000080;" href="http://www.abraaj.com/" target="_blank">Abraaj Group</a> has agreed to acquire a majority stake in Quality CARE India Ltd, which runs chain of <a style="color: #000080;" href="http://www.carehospitals.com/" target="_blank">CARE Hospitals</a> in the country, from private equity firm <a style="color: #000080;" href="http://www.adventinternational.com/" target="_blank">Advent International</a>, according to a statement.</article>

Dubai-based private equity investor <a style="color: #000080;" href="http://www.abraaj.com/" target="_blank">Abraaj Group</a> has agreed to acquire a majority stake in Quality CARE India Ltd, which runs chain of <a style="color: #000080;" href="http://www.carehospitals.com/" target="_blank">CARE Hospitals</a> in the country, from private equity firm <a style="color: #000080;" href="http://www.adventinternational.com/" target="_blank">Advent International</a>, according to a statement.
US-based Advent had bought the controlling 72% stake in Hyderabad-based CARE Hospitals for $105 million from investors including Rakesh Jhunjhunwala, Nimmagadda Prasad (founder of Matrix Labs) and UK-based <a style="color: #000080;" href="http://www.ashmoregroup.com/" target="_blank">Ashmore</a> in 2012. The remaining stake is held by some of the doctors at the hospital.
Abraaj was reportedly competing with <a style="color: #000080;" href="http://www.temasek.com.sg/" target="_blank">Temasek Holdings</a> of Singapore for Advent&#8217;s stake in CARE. In fact, Temasek had earlier partnered with TPG Growth for the deal, but the latter backed out a few weeks ago as it was not comfortable with the terms of the deal including pricing.
&#8220;Led by dedicated founders and a strong management team, CARE has been a pioneer in providing quality healthcare to middle and low income patients in India, and has the potential for further expansion domestically and internationally. We are excited to partner with one of India’s leading healthcare providers and contribute to developing more robust health systems in growth markets,&#8221; said Sev Vettivetpillai, partner and global head of Abraaj’s Thematic Funds Business.
Abraaj and CARE&#8217;s management team will focus on expanding the company&#8217;s integrated healthcare delivery system, especially in the underpenetrated regions of India. The partnership will also bring CARE’s high quality and proven delivery platform to other markets where Abraaj operates, the statement said.
The CARE Foundation, the company’s education, training and rural community outreach program, will also be scaled up and expanded to develop and train high caliber nurses, technicians, physiotherapists and community health workers.
&#8220;We are confident that Abraaj with its track record, healthcare expertise and strong relationships with leading strategic partners and development finance institutions, will enhance our service offerings. These relationships will play a key role in enhancing public-private partnerships that are essential to the development of sustainable healthcare systems in India,&#8221; said Dr. B. Soma Raju, founder of CARE.
Founded in 1997 by Raju and a team of cardiologists, CARE Hospitals operates 2,600 beds across 16 hospitals in nine cities including Hyderabad, Secunderabad, Visakhapatnam, Raipur, Pune, Nagpur, Bhubaneswar, Jabalpur and Surat. The chain also runs a network of telemedicine hubs in rural Andhra Pradesh and Maharashtra.
The Abraaj Group has a strong track record of investing in healthcare, having deployed nearly US$1 billion globally in 27 investments across the healthcare spectrum in growth markets.
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Dubai-based private equity investor Abraaj Group has agreed to acquire a majority stake in Quality CARE India Ltd, which runs chain of CARE Hospitals in the country, from private equity firm Advent International. 

India: Dubai's Abraaj Group to acquire a majority stake in CARE Hospitals

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India: Dubai's Abraaj Group to acquire a majority stake in CARE Hospitals

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