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Blackstone to acquire 16-hospital system in India

Blackstone, a private equity firm, has inked a deal to purchase a 72.5 percent stake in Quality Care India — which operates  Care Hospitals —- from Evercare, a platform backed by TPG Rise funds, the Business Standard reported Oct. 31.

Care Hospitals is headquartered in Hyderabad and operates 16 multispecialty hospitals across 16 cities in India. The hospital operator has also signed a definitive agreement to acquire an 80 percent stake in Kimshealth from private equity firm True North.

The two deals, set to be valued at more than $1.3 billion and $1.5 billion combined, will create one of India’s largest hospital chains, with a network of 23 hospitals and 4,000 beds across 16 cities, according to The Times of India

TPG currently owns Care Hospitals through the Evercare Health Fund, but will maintain a significant minority stake in the platform once the transaction is completed

Blackstone did not respond to Becker's request for comment. 

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