Investment firm TPG Growth has signed an agreement to sell its chain of cancer treatment hospitals, Cancer Treatment Services International (CTSI), to Varian Medical Systems in a deal valued at $283m.
CTSI is part of Asia Healthcare Holdings (AHH) and operates many cancer treatment facilities across India and South Asia.
TPG Growth partner Matthew Hobart said: “We invested in CTSI in 2016 with the belief that the company was in a strong position to address a substantial and growing need for quality cancer care in India. Today, CTSI is one of the largest and leading providers of high-quality oncology services across the country and broader South Asia.
“CTSI’s growth story is an example of what we are trying to achieve through AHH, which is to provide dynamic single-specialty healthcare companies the resources and expertise to meaningfully build and scale their businesses.”
CTSI network also includes American Oncology Institute, CTSI Oncology Solutions, and AmPath brands.
American Oncology Institute is CTSI’s flagship network that consists of radiation, medical, and surgical oncology focused cancer hospitals across South Asia.
CTSI Oncology Solutions provides cancer treatment planning services to healthcare providers across the globe and AmPath provides integrated reference laboratory and pathology services in India.
Asia Healthcare Holdings CEO Vishal Bali said: “The genesis of AHH was to build single-specialty healthcare delivery businesses. Majority positions in these early stage entities give our team the unique opportunity to mold the future of these companies by giving them the right management teams, capitalisation, and profitable growth trajectory.”
The transaction is subject to customary closing conditions and is expected to be closed next month.