Cyril Amarchand Mangaldas and Simpson Thacher & Bartlett have advised private equity firm KKR on its $400 million acquisition of a majority stake in Indian hospital chain Healthcare Global (HCG) from PE firm CVC, who was represented by its longstanding legal advisor Anagram Partners.
Krishnamurthy & Co (K Law) advised Dr. Ajai Kumar and the promoter group, while Quillon Partners advised HCG on the deal.
Pursuant to the Securities and Exchange Board of India’s (SEBI) Takeover Regulations, an open offer will be conducted by KKR to purchase additional equity shares in HCG from public shareholders. Upon completion of the transaction, KKR is expected to hold an equity stake of between 54-77 percent.
This transaction marks KKR’s latest investment in India’s healthcare space. Past investments in this sector have included Baby Memorial Hospital, a leading regional multi-specialty hospital chains in India; Healthium, a leading Indian medical devices company; Infinx, a tech-enabled healthcare revenue solutions provider; Max Healthcare, one of India’s largest hospital networks; JB, a leading branded formulations pharmaceutical company in India and Gland Pharma, a leading Indian pure-play generic injectable pharmaceutical products company.
Simson Thacher represented KKR in each of these investments. Notably, KKR has not gone with its usual Indian advisor AZB & Partners to represent it on this deal, which indicates that even bigger international players are counsel shopping in India, looking to lower costs of legal services.
The Simpson Thacher deal team included partner Ian Ho and associate Valerie Fung. Partners Anuj Shah (credit), Etienne Renaudeau (antitrust), William Smolinski (tax), and senior counsel Steven DeLott (insurance) assisted on the deal.
CAM managing partner Cyril Shroff and senior partner Reeba Chacko advised KKR. The CAM transaction team was led by senior partner Nivedita Rao, and partners Anand Jayachandran and Aditya Prasad, with support from principal associate Supriya Aakulu, senior associate Astha Tambi, and associate Arundhati Diljit.
Partners Anand Jayachandran, Aditya Prasad (open offer), Ratnadeep Roychowdhury (due diligence), Abhilash Pillai, Ashish Jain, Emil Joseph, Jinal Mehta and Siddharth Singh (real estate), Lomesh Nidumuri (disputes) Ashwin Sapra (regulatory), Bishen Jeswant (employment), Arun Prabhu (technology) Avaantika Kakkar (antitrust), Vivaik Sharma (employee benefit trust), Pranav Sharma (finance), and Bharath Reddy (ESOP) assisted on the deal.
The K Law team comprised founding partner Naina Krishna Murthy, managing partner Shwetambari Rao, partner Puneet Prabhakar, and associate Lilian Thomas.
The Anagram team included partners Shuva Mandal, Ankit Mishra, and Aditi Tralshawala. Anagram also recently advised CVC on its partial exit from Indian Premier League cricket franchise Gujarat Titans, and its $835 million acquisition of a stake in Aavas Financiers.
