The privately held healthcare organisation Max Healthcare Institute Ltd. declared the finalisation of a legally binding Share Purchase Agreement (SPA) to purchase a whole 100% stake in Starlit Medical Centre Pvt. Ltd. (Starlit) for Rs 940 crore.
The business notified stock exchanges that Starlit had signed a Business Transfer Agreement (BTA) with Sahara India Medical Institute Ltd for its acquisition of a healthcare venture, which included the 550-bed Sahara Hospital, Lucknow, on a slump transaction basis, as reported by moneycontrol.
Commenting on the acquisition, Abhay Soi, Chairman and Managing Director, of Max Healthcare Institute Ltd., said, “We are excited about this acquisition, which aligns with our strategy to enter new Tier I / II cities with a developed healthcare services ecosystem. Given our track record of successful postmerger integration, we expect to quickly improve the operating and financial performance on the strength of the medical excellence of our clinicians and continued patronage from our patients. Through our presence in Lucknow, we aim to bring quality healthcare to people of Uttar Pradesh.”
According to the statement, the sum owed to sellers and financial creditors is included in the Rs 940 crore complete consideration.
As the owner and operator of Max Super Speciality Hospital in Vaishali and Max Medical Centre in Noida, Crosslay Remedies Limited (CRL), a wholly-owned subsidiary of MHIL, has carried out the SPA. When MHIL purchased the former Pushpanjali Crosslay Hospital in Vaishali in July 2015, it also acquired CRL.