Max to acquire 64% stake in Jaypee Healthcare at Rs 1,660 cr valuation

Max Healthcare Institute on Friday said it will acquire 64 per cent stake in struggling Jaypee Healthcare for an enterprise value of Rs 1,660 crore.

The company has entered into a strategic agreement with Lakshdeep Group, the promoter of Jaypee Healthcare Ltd (JHL) which is undergoing Corporate Insolvency Resolution Process (CIRP), Max Healthcare said in a regulatory filing.

The collaboration and proposed acquisition will give Max Healthcare a controlling stake in JHL, including its flagship asset, the 500-bed Jaypee Hospital in Noida, it added.

Under the agreement, Max shall organise debt for repayment of admitted claims of the financial creditors of JHL and proposes to simultaneously acquire 64 per cent stake in the company, with call and put option for the remaining stake, it said.

The acquisition is based on an enterprise value of Rs 1,660 crore, reflecting JHL's strong market position, which includes two operational hospitals -- 500-bed Jaypee Hospital, Noida and 200-bed Jayp