Advent sells CARE Hosp stake for Rs 1,300 cr

Mumbai : UAE-based Abraaj Group has bought out the entire 72% stake of global PE firm Advent International in CARE Hospitals for about Rs 1,300 crore, valuing the multi-speciality healthcare provider at over Rs 1,800 crore.        The companies did not offer any valuation or deal size but sources confirmed the deal size at Rs 1,300 crore, and an enterprise valuation of the Hyderabad-based hospital chain at a tad over Rs 1,800 crore. Sources said that Advent had picked up 72% in CARE Hospitals for Rs 610 crore, thus making a whopping 2.2 times profit on its investment in three years. CARE is the fifth largest healthcare provider in the country, operating as many as 2,600 beds across 16 hospitals in nine cities.