LIFEHC: 1,638 +6 (+0.37%)
Life Healthcare to sell stake in Indian JV for $293 million
JOHANNESBURG, Sept 19 (Reuters) - South African private
hospital group Life Healthcare said on Wednesday it
will sell its entire 49.7 percent stake in India's Max
Healthcare to a global investment firm for 4.3 billion rand
($293 million), in order to focus on its operations elsewhere.
"The Company will initially use the net disposal proceeds to
settle debt as well as to invest in growth opportunities in its
core markets," the group said in a statement.
Shares in Life Healthcare jumped as much as 8.42 percent to
Investment firm KKR, through its portfolio company Radiant
Life Care Private Limited, will buy more than 266 million shares
in Max Healthcare at 80 rupees per share.
The deal is expected to be finalised before the end of the
Max Healthcare is a leading hospital group in India,
operating hospitals in New Delhi, Punjab and Uttarakhand.
($1 = 14.6676 rand)
(Reporting by Nqobile Dludla
Editing by James Macharia and Kirsten Donovan)
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