Saraf & Partners and TT&A have advised Fortis Healthcare’s INR1.77 billion (USD207 million) acquisition of a 31.52% stake in subsidiary Agilus Diagnostics.
Fortis has acquired the stake from three private equity investors — NYLIM Jacob Ballas India Fund III (NYLIM Jacob Ballas), Resurgence PE Investments, and International Finance Corporation (IFC) — for a cash consideration.
Saraf senior partner Vaibhav Kakkar led the transaction team along with partners Sahil Arora and Debarpan Ghosh. Additionally, partner Rohit Raghavan managed the banking and finance team, while partner Akshayy S Nanda led the competition team.
The firm provided deal structuring, drafting and negotiation of key transaction documents, assistance in raising debt for the transaction and finalising financing documents, as well as securing regulatory approval from the Competition Commission of India.
Agilus is an Indian diagnostics services provider and a material subsidiary of Fortis Healthcare, which builds and operates hospitals across the country.
TT&A represented all three private equity investors — NYLIM Jacob Ballas, Resurgence, and IFC — in the transaction.
Partners Gautam Saha and Punita Gupta led the TT&A team, with the assistance of senior associate Tanya Maithani. Partner Sonam Mathur led the competition team with the support of managing associate Shubhang Joshi and associate Rishabh Joshi.
