Max Healthcare Acquires Major Stake in Jaypee Healthcare for Rs 1660 Crore

Max Healthcare has announced its acquisition of a 64% stake in Jaypee Healthcare. The purchase includes the 500-bed Jaypee Hospital in Noida and facilities in Bulandshahr and Anoopshahar. The deal is valued at Rs 1660 crore.

Max Healthcare announced on Friday that it has acquired a 64 percent stake in Jaypee Healthcare, according to a filing with the exchange. Additionally, Max Healthcare proposes to acquire the remaining 36 percent through an option agreement.

The company plans to enter into an agreement to acquire the 64 percent equity stake in Jaypee Healthcare Ltd. (JHL) within 30 days of receiving the order from the National Company Law Appellate Tribunal (NCLAT). Max Healthcare is collaborating with Lakshdeep Group, the promoter of JHL, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP).

The deal, valued at an enterprise value of Rs 1660 crore, includes the 500-bed Jaypee Hospital in Noida and additional hospitals in Bulandshahr and Anoopshahar, Uttar Pradesh. Max Healthcare also plans to manage the necessary debt repayment to financial creditors while securing call and put options for the remaining shares.

According to Abhay Soi, Chairman and Managing Director of Max Healthcare, the acquisition is an important milestone in establishing a strong presence in the NCR, a region home to 46 million people and a key economic hub. The addition of Jaypee Hospitals is expected to enhance patient care and expand access to advanced healthcare services.

Jaypee Healthcare reported revenues of Rs 421 crore and an EBITDA of Rs 70 crore for the fiscal year 2023-24. The transaction is anticipated to be completed within the next 30 days, pending approval from the NCLAT. (ANI)

(With inputs from agencies.)