New Delhi: Max Healthcare Institute Ltd on Friday announced that it has completed the acquisition of Starlit Medical Centre Pvt Ltd for an enterprise value of ₹940 crore. The acquisition will allow Max Healthcare to own the 550-bed Sahara Hospital in Lucknow.
Company officials said that they have acquired 100% stake in Starlit Medical Centre Pvt Ltd after successful binding share purchase agreement (SPA). Earlier, Starlit Medical Centre had engaged in a business transfer agreement with Sahara India Medical Institute Ltd, which involved the healthcare undertaking including the 550-bed Sahara Hospital located in Lucknow.
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A statement from Max Healthcare Institute said that this transaction is structured on a slump sale basis. The hospital is located on a sprawling 27 acres land at Gomti Nagar, Lucknow, which is an upmarket residential and commercial hub. It is housed in a 17-storey building with a built-up area of 8.9 Lakh sq ft. and offers multi-disciplinary care in various specialities like gastroenterology, neuro, surgery, cardiology, pulmonology and diagnostics facilities. There is also a Nursing College attached with the hospital, which offers GNM, BSc and MSc courses, with annual intake of 100+ students.
As per the statement, the SPA was successfully executed with an enterprise value of ₹940 crore, facilitated through one of the company’s wholly-owned subsidiaries, Crosslay Remedies Ltd (CRL). “This strategic acquisition signifies Max Healthcare’s entry into Lucknow, a rapidly growing city in Uttar Pradesh. The acquired Sahara Hospital is a tertiary care facility, offering comprehensive healthcare services that encompass a wide range of super specialties,” stated an official.
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Abhay Soi, chairman and managing director of Max Healthcare Institute, hoped that the latest acquisition would seamlessly expand with the company’s overarching strategy into new tier-I and tier-II cities equipped with a well-developed healthcare services infrastructure.
“We are excited about this acquisition, which is in line with our strategy to enter new Tier I / II cities which have 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 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,” Soi said.
“Given our track record of successful post-merger integration, we expect to quickly improve the operating and financial performance on the strength of medical excellence of our clinicians and continued patronage from our patient,” he added.
