Competition Commission of India clears Advent's acquisition plan in Apollo Healthco, Keimed
Aug 21, 2024
New Delhi [India], August 21 : The Competition Commission of India (CCI) said that it has approved the proposed combination involving the acquisition by Advent (through Rasmeli) in Apollo Healthco, acquisition by Apollo Healthco in Keimed and Merger of Keimed into Apollo Healthco.
After the acquisition, Rasmeli will make a minority investment in AHL over two tranches, gaining certain rights in AHL, as per a statement by CCI on Tuesday.
In addition, AHL intends to acquire shares in Keimed through phased primary and secondary transactions.
Following the Rasmeli Investment, Keimed and AHL will work towards merging Keimed into AHL.
Prior to the Rasmeli Investment, AHEL plans to subscribe to equity shares of AHL through a preferential allotment and a bonus issuance of new shares by AHL, as per the CCI statement.
Rasmeli Limited (Rasmeli) is an entity incorporated in Cyprus with the principal activity of holding investments and has no activities or presence in India.
Rasmeli is indirectly held by certain entities which in turn will be held by certain funds/ limited partnerships, which are ultimately managed by Advent International, L.P. (Advent).
Advent focuses on investments in certain sectors, including business and financial services, healthcare, industrial, retail, consumer and leisure and technology.
Apollo Hospitals Enterprise Limited (AHEL) in India offers a comprehensive range of healthcare services, including the operation and management of tertiary and secondary hospitals. The company also provide consultancy, branding, and operational management support for healthcare providers. AHEL runs retail healthcare services, encompassing primary care clinics, birthing centres, short-stay surgery centres, diabetes management centres, dental and dialysis centres, and diagnostic services.
Apollo Healthco Limited (AHL/ Apollo Healthco) operates the "Apollo 24|7" platform which helps users/customers to inter alia book doctor appointments and diagnostic tests.
AHL also operates in the pharmacy distribution segment where it sources and acts as a wholesale distributor of pharmaceuticals, fast-moving consumer goods (FMCG), OTC products and private label products.
