Global private equity major KKR on Tuesday sold its entire 27% stake in Indian hospital chain Max Healthcare through its affiliate Kayak Investments Holding, in one of the largest bulk deals in recent months.
KKR, which had bought the shares in December 2018 at Rs 80 apiece, sold them at an average price of Rs 353 a share, raising over $1 billion (Rs 9,000 crore). Radiant Life Care, a hospital management company backed by KKR, had acquired a 49.7% stake in Max Healthcare from South Africa-based hospital operator Life Healthcare in 2018. Simultaneously, Radiant’s healthcare assets were merged into Max Healthcare, resulting in KKR and Radiant promoter Abhay Soi acquiring a majority stake in the hospital.
