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Life Healthcare to offload 49.7% stake in Max Healthcare

Life Healthcare, a South African private hospital, is planning to sell its entire 49.7% stake in Max Healthcare, a subsidiary of Max India, to the tune of $293mn, on back of its goal to focus on operations elsewhere.

Initially, it will utilize the net disposal proceeds to settle debt and to invest in growth opportunities in its core markets, the company said in a press note to Johannesburg Stock Exchange on Tuesday.

KKR through its portfolio company Radiant Life Care Private Limited is likely to purchase more than 266mn shares in Max Healthcare at Rs80 per share. The buying agreement is expected to be finalized by end of 2018.

Life Healthcare and Max India each own 49.7% stakes in Max Healthcare.

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