Narayana Hrudayalaya to Acquire UK's Practice Plus Group Hospitals for GBP 188.78 Mn

Narayana Hrudayalaya Ltd, which operates a healthcare chain under Narayana Health will acquire UK-based Practice Plus Group Hospitals for GBP 188.78 million (over ₹ 2,200 crore), according to a regulatory filing by the company.

The acquisition is through cash consideration by acquiring 100 % equity shares of Practice Plus Group Hospitals Ltd. The shares shall be acquired by Narayana Hrudayalaya UK Ltd, wholly owned subsidiary of Health City Cayman Islands Ltd, Narayana Hrudayalaya said in filing on BSE late Thursday evening.

"The total consideration for the acquisition is GBP 188.78 million for the 100 % stake comprising 60,001 equity shares of face value of GBP 0.02 each of Practice Plus Group Hospitals Ltd per share price for the acquisition will be GBP 3,146.29," it said.

Practice Plus Group Hospitals has seven hospitals, three surgical centers, two urgent treatment centers, three musculoskeletal/diagnostic centers, one ophthalmology center with 330 bed capacity, the filing said.

The closing date of the transaction will be "within six business days after the date of the agreement or such other date as may be agreed in writing between the seller and the purchaser".

In a statement on Friday, Narayana Health Founder and Chairman Devi Prasad Shetty said, "Like Narayana Health, Practice Plus Group recognised that the majority of patients were struggling to access healthcare, while only a minority could afford costly private healthcare. We have both been working to meet the demands of those in between, and to offer a new choice of more accessible private healthcare." The acquisition represents Narayana Health's move into the UK healthcare market, where Practice Plus Group operates 12 hospitals and surgical centres, specialising in high quality orthopaedics, ophthalmology and general surgery, the company said.

"The strategic acquisition extends Narayana Health's global reach, placing the company amongst the top three healthcare providers in India by revenue," the statement said.

Practice Plus Group Chief Executive Jim Easton said Shetty and Narayana Health have an "enviable reputation for high quality, efficient healthcare with a human touch" while highlighting what Practice Plus Group's hospitals and surgical centres can achieve with the commitment and expertise of Narayana Health behind it.

Narayana Health said with this integration it is well-positioned to bring the hospital division of Practice Plus Group into its ecosystem, leveraging its robust technology foundation to drive innovation, operational excellence, and long-term value creation for patients, partners, and stakeholders.