API Holdings Ltd (API), the parent company of Digital Healthcare Brand, (PharmEasy) has signed a definitive document to acquire a 66.1 per cent stake in Thyrocare. This acquisition will take place at a price of Rs 1,300 per share aggregating to Rs 4,546 crore.
However, the transaction is subject to regulatory and other applicable customary approvals.
Docon Technologies Pvt Ltd, a 100 per cent subsidiary of API, will be the acquirer of Thyrocare. Meanwhile, it shall make an open offer for an additional 26 per cent stake.
A Velumani will be separately acquiring a minority non-controlling stake, of less than 5 per cent in API as part of a series of equity investments by existing and new investors of API.
The collaboration between PharmEasy and Thyrocare "will reimagine and accelerate the delivery of high-quality diagnostic and OPD services across the full continuum of patient care to nearly 800 million Indians," companies stated in a joint statement.
Siddharth Shah, CEO, API Holdings commented, “We are delighted to be partnering Thyrocare. We will provide world class customer experience in diagnostics, rivalling our pharmacy experience by leveraging technology, and building on top of the massive scale & truly pan-India presence of Thyrocare. It is our aim to deliver all outpatient healthcare products & services to every Indian within 24 hours.”
A Velumani, chairman and MD of Thyrocare, expressed, “I am excited about this relationship, unique of its kind in Indian Healthcare Industry. The unique reach and strength of Thyrocare in Diagnostics blended with young and dynamic team of PharmEasy will bring in better healthcare solutions for common man nationwide.”