Narayana Hrudayalaya to buy healthcare provider in Cayman Islands for $5 million

Narayana Hrudayalaya

Narayana Hrudayalaya Limited (Narayana Health) on October 14 said that its wholly owned subsidiary in Cayman Islans, Health City Cayman Islands Ltd. (HCCI), has entered into a share purchase agreement to to buy ENT in Cayman Ltd. (EICL), a resident company providing complete diagnosis and treatment of ear, nose, and throat conditions for $5 million.

The acquisition will enable HCCI to expand its healthcare business in Cayman Island into ENT specialty, the hospital chain said in a regulatory filing.

It is is subject to requisite approvals/consents from relevant authorities under the applicable laws of Cayman Islands. HCCI and EICL shall agree on a completion date post satisfaction of all conditions precedent, Narayana Health added.

As per the statement, ENT in Cayman Limited is an Ear, Nose and Throat (ENT) medical practice incorporated in Grand Cayman, Cayman Islands, and offers Otolaryngology, Audiology and Speech Therapy services in Cayman Islands. The company has had revenues of $1.98 million, $2.17 million and $3.05 million in the last three years (2019-2021).

Meanwhile, Narayana Hrudayalaya shares on October 14 closed 2.18 percent higher at Rs 730 apiece on the BSE.

In 2018, Narayana Hrudayalaya completed the acquisition of Health City Cayman Islands (HCCI) in the Caribbean Islands.