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CCI approves acquisition of equity in HealthCare Global by KKR

Published: May 02, 2025

By TIOLCorplaws News Service

NEW DELHI, MAY 02, 2025: THE   Competition Commission of India has approved the proposed combination involving acquisition in HealthCare Global Enterprises Limited by KKR through Hector Asia Holdings and KIA EBT II Scheme.

Hector Asia Holdings II Pte. Ltd. (Hector) is private company incorporated in Singapore. It is an indirectly wholly-owned by investment funds, vehicles and / or accounts advised and managed by various subsidiaries of KKR and Co. Inc ("KKR & Co." and together with its subsidiaries, "KKR").

KIA EBT II Scheme 1, an employee benefit scheme of KIA EBT Trust II (EBT) is an employee benefit scheme of KIA EBT Trust II, a trust settled under the Indian Trusts Act, 1882. Its beneficiaries are employees of KKR.

KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds.

HealthCare Global Enterprises Limited (Target) is a publicly listed company. It is active in the business of (a) operating multi-specialty hospitals at Bhavnagar, Ahmedabad, Rajkot and Hubli and comprehensive cancer care centres; (b) providing cancer care services, diagnosis and treatment; (c) operating day care clinics, fertility centres, radiology and PET-CT facilities; (d) providing reproductive medicine services; and (e) conducting life sciences, academic research and clinical testing, and diagnostics providing precision medicine solutions.

Hector along with EBT propose to acquire up to 54% of the diluted voting share capital of the Target from Aceso Company Pte. Ltd. in two tranches. Pursuant to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, a mandatory tender offer in India will be triggered, requiring Hector to make an open offer to the public shareholders of the Target for acquisition of up to 26% of the expanded voting share capital of the Target. Depending on tendering of shares in the open offer, the Acquirers are expected to hold an eventual stake of between 54% of the expanded voting share capital to 77% of the expanded voting share capital of the Target (Proposed Combination)

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