KKR Set to Acquire Medicover India in Deal Valued at Up to $1.5 Billion

KKR is expected to spend ₹13,000-14,000 crore, equivalent to approximately $1.4–1.5 billion, on the transaction. Of this, around ₹3,000-4,000 crore will be infused into the company as primary capital.

KKR is set to acquire the Indian business of Swedish healthcare chain Medicover AB, marking its third hospital acquisition in as many years as it looks to capitalise on increased healthcare spending, rising demand for tertiary care services, growing insurance penetration, and opportunities for consolidation in the healthcare sector.

The transaction includes the acquisition of a 100% stake in Medicover India's existing business from its current shareholders. KKR has also committed to deploy fresh capital to fund the company's growth and repay debt.

According to people aware of the developments, KKR is expected to spend ₹13,000–14,000 crore, equivalent to approximately $1.4–1.5 billion, on the transaction. Of this, around ₹3,000-4,000 crore will be infused into the company as primary capital.

A formal announcement of the transaction is expected this week.

Medicover entered the Indian market in 2016 and has since built a network of 26 hospitals with nearly 6,000 beds across Telangana, Andhra Pradesh, Maharashtra, and Karnataka.

The Indian business has become a key contributor to the Swedish healthcare group's global operations, accounting for more than half of its hospital portfolio.

The proposed transaction would see KKR acquire Medicover's entire 66.9% holding in the Indian hospital business for at least $1.05 Bn. The investment firm is also in discussions with minority shareholders as part of the proposed acquisition.

However, Medicover emphasized that there is no assurance that the negotiations will result in a completed transaction. KKR declined to comment on the matter.

KKR has steadily expanded its healthcare portfolio in India over the past few years. In 2024, the global investment firm acquired a controlling stake in Kerala-based Baby Memorial Hospital and has since supported its growth through strategic acquisitions, reinforcing its long-term interest in the country's hospital ecosystem.

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