New Delhi [India], September 13 (ANI): Max Healthcare on Friday announced the acquisition of a 64 per cent stake in the Jaypee Healthcare, the company informed the exchange in a filing on Friday.
The company also proposed to acquire the remaining stake of around 36 per cent through option agreement.
“The Company, as strategic partner under the aforesaid arrangement, shall enter into an agreement to acquire around 64 per cent equity stake of JHL within 30 days of NCLAT order. The company proposes to enter into option agreement for the acquisition of the remaining around 36 per cent equity stake,” said Max healthcare.
Max Healthcare stated that it entered a strategic collaboration with Lakshdeep Group, the promoter of Jaypee Healthcare Ltd. (JHL), to acquire a controlling stake in JHL, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP).
Under the agreement, Max will acquire the 64 per cent stake of Jaypee at the enterprise value of Rs 1660 crore.
The deal includes the 500-bed Jaypee Hospital in Noida, as well as two other hospitals located in Bulandshahr and Anoopshahar, Uttar Pradesh.
As per the statement by Max Healthcare, it will organize the necessary debt repayment to financial creditors, while also securing call and put options for the remaining shares.
“Addition of Jaypee Healthcare Ltd. to the network is an important milestone in our journey to build a formidable presence in the NCR–a region which is not only home to 46 million people but also plays a pivotal role in shaping the Indian economy as an economic hub. We are excited to build upon the legacy of Jaypee Hospitals and leverage our combined expertise to further enhance patient care and expand access to quaternary healthcare services,” said Abhay Soi, Chairman and Managing Director, Max Healthcare Institute.
Jaypee Healthcare reported revenues of Rs 421 crore and an EBITDA of Rs 70 crore in the 2023-24 fiscal year. The transaction is expected to be completed within the next 30 days, following approval from the National Company Law Appellate Tribunal (NCLAT). (ANI)
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