Key Points
Global private equity firm Blackstone has signed a binding agreement to acquire a controlling stake in Care Hospitals from TPG, valuing the India and Bangladesh based hospital chain at about $800 million, said people with knowledge of the matter..
The deal will mark Blackstone's first healthcare investment in India with TPG staying on as a minority shareholder, holding about 30%..
Notably, the deal was signed between the two private equity giants even as the sale itself is being challenged in court by Max Healthcare Institute, which has accused TPG of breaching the terms of an exclusivity agreement between them on a transaction...
On May 3, the Bombay High Court appointed retired justice SJ Kathawalla as the sole arbitrator in the dispute between Max Healthcare and Care Hospitals and TPG-owned entities to decide upon all disputes between the parties...
ET reported on May 4 that Darius Khambata, appearing for TPG-backed Touch Healthcare-one of the respondents in the case - argued that Care-TPG had already entered into a share purchase agreement (SPA) with a third party that's a reputed global investor...
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