Advent International in talks to sell entire majority stake in CARE Hospitals
29 April 2015
US private equity firm Advent International is in talks to sell its 72-per cent stake in Hyderabad-based CARE Hospitals for $250 million to $300 million, Reuters today reported, citing two sources with direct knowledge of the matter.
Advent is in talks with peer Carlyle Group, Malaysia's IHH Healthcare Bhd, Manipal Hospitals and Fortis Healthcare, the report said.
Advent had acquired 72 per cent in CARE Hospitals in 2012 for $105 million. A group of doctors, led by cardiologists B Soma Raju, holds the remaining 28 per cent.
Founded in 1997 by Dr B Soma Raju and a team of India's leading cardiologists, CARE Hospitals is a multispecialty healthcare provider, operating 16 hospitals in 9 cities across 7 states in India.
It specialises in cardiology, neurology, nephrology, general medicine, urology, nephrology, orthopedics and medical gastroenterology.