3 January, 2019
L&L acted for and advised Life Healthcare, one of South Africa's largest private healthcare providers, in exiting its equity investment in MHIL, a leading healthcare chain in India operating state of the art hospitals in North India [Transaction].
The transaction involved the sale of Life Healthcare’s entire equity stake in MHIL, approximately 49.7% of the share capital of MHIL, to Radiant Life Care Private Limited [Radiant] which in turn was backed by Kohlberg Kravis Roberts and Co L.P. [KKR].
The transaction for the sale Life Healthcare’s entire equity stake in MHIL formed part of the larger transaction whereby:
(a) Radiant would merge into MHIL; and
(b) MIL would demerge its non-healthcare assets;
(c) The residual MIL entity would merge into the merged MHIL. The final MHIL entity, post completion of the above steps, would be valued in excess of USD 1 Billion.
The sale of Life Healthcare’s stake in MHIL to Radiant is at a consideration of approximately USD 293 Million. The closure of the Transaction is subject to regulatory approvals.
L&L team was led by Partner -Alina Arora and ably assisted by Managing Associate – Samarth Gupta , and AssociatesParth Singh and Somil Garg.
Partner – Lokesh Shahand Managing Associate -Mayank Aggarwal advised the client from a tax law perspective.
Partner Designate – Harish Kumar, along with Managing Associate – Vivek Agarwal and Associate – Itee Singhal were involved in conducting a due diligence for the client from a companies' law perspective.
Partner -G.R. Bhatia along with Managing Associate – Rudresh Singh advised the client on competition law issues.
