Hyderabad-based Apollo Health & Lifestyle Limited (AHLL) has acquired a controlling stake in Lucknow-based Care Diagnostics for an undisclosed sum in an all cash deal.
A subsidiary of Apollo Hospitals Enterprise, Apollo Health & Lifestyle runs Apollo Clinics and Apollo Diagnostics, among others, in India and the Middle East. “It is a significant controlling stake leading to a strategic partnership between the two,” said people briefed on the transaction.
Advay Capital Advisors advised the Care promoters on the transaction.
This transaction involves the sale of a majority stake, structured with a path to a full 100% acquisition. The collaboration positions Care Diagnostics to emerge as a dominant player in Uttar Pradesh’s diagnostic and pathology sector, extending healthcare testing services to more communities across the region, the sources quoted above added.
Apollo, Care and Advay did not respond to an email query on the transaction.
Care Diagnostics, established in 2006, operates a main centre in Lucknow and collection centres at other places. Apollo’s investment will enhance its capabilities and speed up its expansion across Uttar Pradesh, sources added.
