New Delhi, India, January 21, 2025: Saraf and Partners acted for Fortis Healthcare Limited (Fortis Healthcare) in relation to the acquisition of 31.52% equity stake in its subsidiary, Agilus Diagnostics Limited (Agilus), from three private equity investors, namely – NYLIM Jacob Ballas India Fund III LLC (NYLIM Jacob Ballas), Resurgence PE Investments Limited (Resurgence) and International Finance Corporation (IFC) for a cash consideration of approx. INR 1770 crores (approx. USD 207 million).
Agilus is a leading Indian company engaged in providing diagnostics services and is a material subsidiary of Fortis Healthcare. Agilus Diagnostics Limited, formerly known as SRL Limited, is a leading Indian multinational diagnostics company specializing in pathology and radiology services. Established in 1995, the company has its headquarters in Gurgaon, Haryana, India. Agilus Diagnostics Limited (formerly SRL Limited) was originally a part of Fortis Healthcare, one of India’s leading healthcare providers. Fortis had a significant stake in SRL Diagnostics, which was a key diagnostics arm within its healthcare ecosystem.
Saraf and Partners (S&P) acted for Fortis Healthcare and Agilus on all aspects of the transaction, including the structuring of the deal; drafting & negotiation of several transaction documents; raising debt for consummating the transaction and drafting & finalization of financing documents as well as successfully securing regulatory approval of Competition Commission of India (CCI) for the transaction.
The transaction team at S&P was led by Vaibhav Kakkar (Senior Partner), Sahil Arora (Partner) and Debarpan Ghosh (Partner). The Banking and Finance team was led by Rohit Raghavan (Partner); and the competition team was led by Akshayy S Nanda (Partner).
TT&A acted for all three private equity investors – NYLIM Jacob Ballas, Resurgence and IFC, in the transaction.
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