South African private hospital group Life Healthcare said on Wednesday it will sell its entire 49.7 percent stake in India’s Max Healthcare to a global investment firm for 4.3 billion rand ($293 million), in order to focus on its operations elsewhere.
“The Company will initially use the net disposal proceeds to settle debt as well as to invest in growth opportunities in its core markets,” the group said in a statement.
Shares in Life Healthcare jumped as much as 8.42 percent to 26.90 rand.
Investment firm KKR, through its portfolio company Radiant Life Care Private Limited, will buy more than 266 million shares in Max Healthcare at 80 rupees per share.
The deal is expected to be finalised before the end of the year.
Max Healthcare is a leading hospital group in India, operating hospitals in New Delhi, Punjab and Uttarakhand.