Metropolis Healthcare Limited (NSEI:METROPOLIS) agreed to acquire Core Diagnostics Private Limited from Core Diagnostics (Mauritius) Private Limited for INR 2.46 billion on December 9, 2024. Metropolis Healthcare Limited will pay an contingent payment of INR 1.11 billion common equity. As part of consideration, INR 2.47 billion is paid towards common equity of Core Diagnostics Private Limited.
As of March 31, 2024, Core Diagnostics Private Limited reported total common equity of approximately INR 220 million and revenue of INR 1.1 billion.
The transaction is subject to approval of offer by acquirer shareholders, approval of offer by acquirer board and stock exchanges. The deal has been approved by the board. The transaction is expected to be completed within 60 (sixty) days from the date of signing of definitive agreements. As on February 6, 2025, the transaction will take additional 45 days to close.
Alivio Advisors LLP acted as the financial advisor for Metropolis Healthcare Limited. Saraf and Partners Law Offices acted as legal advisors for Metropolis Healthcare Limited. PricewaterhouseCoopers Private Limited acted as the due diligence provider for Metropolis Healthcare Limited. BDO Consulting Private Limited, Financial Advisory Arm acted as legal advisor to Metropolis Healthcare Limited.
Metropolis Healthcare Limited is an India-based company, which is engaged in providing diagnostic services patients, healthcare providers, and corporates across India and Africa. The Company has a single operating segment, namely Pathology service. It is mainly engaged in the business of running laboratories for carrying out pathological investigations of various branches of biochemistry, hematology, histopathology, microbiology, electrophoresis, immuno-chemistry, immunology, virology, cytology, and other pathological and radiological investigations. The Company serves both the business-to-business (B2B) and business-to-customer (B2C) markets. It has approximately 199 clinical laboratories across 22 states in India. Its subsidiaries include Amin's Pathology Laboratory Private Limited, Ekopath Metropolis Lab Services Private Limited, Centralab Healthcare Services Private Limited, Metropolis Histoexpert Digital Services Private Limited, among others.
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