Blackstone Acquires Majority Stake In CARE Hospitals And KIMSHEALTH: Report

Private equity funds managed by Blackstone have acquired a majority shareholding in CARE Hospitals from Evercare, a platform of TPG RISE funds. In addition, CARE Hospitals has signed a definitive agreement to acquire a majority stake in KIMSHEALTH.

Private equity (PE) funds managed by Blackstone have reportedly acquired a majority stake in CARE Hospitals from Evercare, a platform of TPG RISE funds. Besides, CARE Hospitals has inked a definitive agreement to buy a majority stake in KIMSHEALTH, the companies said in a joint statement according to a Financial Express report. However, the transaction amount involved in the deal has not been disclosed yet.

The addition of KIMSHEALTH to the CARE Hospitals network is expected to result in the creation of one of India's largest hospital platforms with 23 facilities across 11 cities in India.

Blackstone is the world's largest alternative asset manager, with $1 trillion in AUM. Its scale encompasses 12,600 real estate assets and 230+ portfolio companies.

According to the report, Ganesh Mani, Managing Director at Blackstone Private Equity, said: "We are pleased to make Blackstone's first investment in India's healthcare services sector and partner with TPG to create one of the largest healthcare platforms in India.

CARE Hospitals and KIMSHEALTH are trusted brands in the Indian healthcare space with a reputation for prioritizing patients and have a track record of excellence in medical ethics and clinical outcomes. We aim to build a patient-centric hospital platform focused on high clinical care quality and top-notch service."

According to the reports in the media, the PE fund Blackstone-owned hospital platform Quality Care (QCIL) has inked an agreement to acquire KIMS Health Management (KHML), for $400 million or Rs 3,300 crores. QCIL is jointly owned by Blackstone and TPG Growth.

Meanwhile, Blackstone had reportedly taken up a 70% stake in Care Hospitals for $800 million in May 2023.