Dr Devi Shetty-led Narayana Health is in discussion with shareholders to acquire a controlling stake in the UK's Spire Healthcare Group Plc, the Economic Times reported. If it succeeds, it will be the Indian healthcare chain's second global footprint after the one in Cayman Islands.
The development comes at a time when the UK sees a record boom in private healthcare on the back of National Health Service (NHS) waiting lists.
Spire Healthcare is a listed company that runs 40 hospitals and more than 50 clinics across the UK.
Bengaluru-based Narayana Health's top management has initiated detailed negotiations with large institutional shareholders and has reportedly received positive feedback. Dr Shetty, a renowned heart surgeon and billionaire, and his team are expected to meet shareholders next month to drum up support for the bid and it is working with advisors to build a strategy, the report added.
Moneycontrol couldn't independently verify the report.
Narayana Health has also sounded out global banks and financial institutions for $500-600 million in funding. Shetty and his family members, along with promoter group entities, own 63.85 percent of company. As per the report, the Indian medical group’s plan is to take control of at least 51 percent of the UK company by launching an open offer.
Narayana Health, or chairman Dr Devi Shetty, or Spire Healthcare did not respond to queries raised by the business daily.
Also Read | Narayana Health launches health insurance covering Rs 1 cr in surgeries for Rs 10,000 per year
Narayana Health reported net profit at Rs 105.53 crore in September 2024 quarter, down 3.12 percent from Rs 108.93 crore in September 2023.
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