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August 22, 2018updated 28 Mar 2022 9:26am

IHH Healthcare to divest 50% interest in Apollo Gleneagles Hospitals

Malaysia-based hospital group IHH Healthcare will divest its 50% interest in Apollo Gleneagles Hospitals in Kolkata and its radiology centre in Hyderabad, India, to its joint venture partner.

Malaysia-based hospital group IHH Healthcare will divest its 50% interest in Apollo Gleneagles Hospitals in Kolkata and its radiology centre in Hyderabad, India,  to its joint venture partner.

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Economic Times reported citing people knowledge with the matter that this divestment by IHH Healthcare is being made to adhere to a non-compete deal. The Malaysian firm secured the bid for debt-laden Fortis Healthcare.

One person told the financial daily: “According to the agreement, any partner who purchases stake in a rival hospital will have to sell their stake to the other partner.

“The IHH acquisition of Fortis for $1.1 billion triggers this clause in the agreement.”

Apollo Gleneagles is a joint venture between IHH subsidiary Parkway Pantai and India-based Apollo Hospitals.

Apollo can make the first refusal over the interest held by its partner.

An IHH spokesperson told the publication: “We will not comment on market speculation.”

Although Apollo Hospitals did not respond to an email from the publication, a senior official told the daily that it wanted the Malaysian company to respond.

The official further added: “IHH has to come to us with an offer. We have not got any indication on how they plan to move forward with this.”

Apollo has commenced raising capital to fund the purchase of IHH’s stake. It is reportedly in advanced negotiations to divest Apollo Munich Health Insurance to HDFC Ltd.

Apollo Munich is a joint venture between Apollo Hospitals and Munich Re. It is claimed to have close to 2% share in the market.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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