PE firm Apax Partners in talks to sell stake in Apollo Hospitals: report
28 September 2012
Private equity firm Apax Partners is looking to raise more than $250 million by selling its 10 per cent stake in hospital chain Apollo Hospitals Enterprise Ltd, Reuters yesterday reported, citing three sources with direct knowledge of the talks.
Malaysian sovereign wealth fund Khazanah Nasional Bhd, which already holds a 10.85-per cent stake in Apollo Hospitals, is one of the potential suitor in talks with Apax, said the report.
Although Apax has not yet started a formal sale process, but has already held talks with other potential buyers, including Blackstone Group and Bain Capital, the report added.
Founded in 1983 by Dr. Prathap Reddy, Chennai-based Apollo Hospitals is one of Asia's largest healthcare groups with over 8500 beds across 50 hospitals, and a significant presence at every point of the medical value chain.
Started as a 150 bed hospital, today the group has grown both in India and overseas, with hospitals in Sri Lanka, Bangladesh, Ghana, Nigeria, Republic of Mauritius, Qatar, Oman and Kuwait.
It is also the largest telemedicine provider in India with 71 centres.