Global investment company KKR has signed agreements under which funds managed by KKR will acquire Indian medical devices company Healthium MedTech (Healthium).
Healthium will be acquired by a special purpose vehicle owned by KKR-managed funds, from an affiliate of Funds advised by global private equity advisory company Apax Partners.
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The deal is valued at Rs70bn ($838.60m), reported Reuters, citing three sources with direct knowledge of the matter.
The special purpose vehicle will have a controlling stake in the Healthium Group, including Healthium Medtech.
Healthium was founded in 1992 and is engaged in developing, manufacturing and selling a broad range of surgical products worldwide.
Its comprehensive portfolio is designed to meet the wide spectrum of surgeons’ needs, offering arthroscopy, wound closure and advanced wound closure products.
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By GlobalDataIn 2018, Apax Funds acquired Healthium.
Healthium CEO Anish Bafna said: “Over the last five years, with the support and partnership of Apax, Healthium has tremendously accelerated its growth. Our products are now used in one-in-five surgeries globally and we have nearly doubled the markets we’re present in.
“As we look to further strengthen and expand our market position, we are delighted to welcome an investor of KKR’s calibre, who brings deep global healthcare expertise and knowledge of the Indian market.
“We look forward to our next phase of growth with their support, being able to leverage their global platform, as well as strong investment and operational expertise.”
Subject to receipt of certain regulatory approvals, the transaction is expected to close in the third quarter of 2024.
Jefferies is acting as financial adviser for Apax Partners and Healthium and Kirkland & Ellis as legal counsel.
Moelis & Company is serving as financial adviser for KKR while Simpson Thacher & Bartlett and AZB & Partners is acting as legal counsel.
