Nine months after selling a controlling stake in cancer care hospital chain HealthCare Global Enterprises Limited (NSEI:HCG) to private equity giant Kohlberg Kravis Roberts (KKR), CVC Capital Partners plc (ENXTAM:CVC) is planning to exit its remaining stake via a block deal, three people familiar with the development said. The so-called clean-up trade will allow CVC to fully exit the company, they said. Ambit Capital is acting as the sole advisor for the transaction, these people added.
In February, CVC sold its 54% stake in HCG to KKR for $400 million, or INR 445 a share. "It is a INR 5,500 million block deal with marquee investors buying out the stake," one of the persons cited above said on conditions of anonymity as the talks are private. The block deal, likely to be launched after market hours on 10 September, is expected to close on 11 September.
CVC initially acquired a 31% stake in HCG in 2020 for INR 10,490 million, followed by an open offer for an additional 26%. Exchange filings show that promoters BS Ajaikumar and family held roughly 11% of the company as of June. Emails sent to CVC, HCG, and Ambit remained unanswered at the time of publishing.
