In separate deals in India’s healthcare space, General Atlantic-backed Cygnus Medicare is set to acquire a 60% stake in Amandeep Hospitals, while ASG Hospitals is understood to have picked a controlling stake in Prism Eye Institute Pvt Ltd.
Ujala Cygnus to acquire stake in Amandeep Hospitals
General Atlantic-backed Cygnus Medicare, which runs hospitals under the brand Ujala Cygnus in tier-2 and tier-3 regions in northern India, is set to acquire a 60% stake in Amandeep Hospitals.
The latter operates as many as five super speciality hospitals with over than 800 operational beds in Jammu & Kashmir and Punjab, which happens to be its headquarters.
Founded in 2011, Cygnus Medicare operates hospitals under the brand Ujala Cygnus, a name that it adopted after media group Amar Ujala acquired the bulk of the company’s stock through its diversified healthcare entity Ujala Health Care in November 2019.
The company raised funding from General Atlantic last year, thus paving the way for exits of its early investors, Eight Roads Ventures, Somerset Indus Capital, and Evolvence Capital.
ASG buys controlling stake in Prism Eye Institute
ASG Eye Hospitals, backed by private equity behemoths General Atlantic and Kedaara Capital, has acquired a controlling stake in Prism Eye Institute Pvt Ltd (Prism Institute), VCCircle reported.
Established in 2013, Prism offers a range of services, including eye treatment and surgeries.
The acquisition goes on to signal how PE-backed eyecare chains in India are increasingly betting on mergers and acquisitions to beat competition.
ASG is also understood to be in talks to pick up a significant stake in Bavishi Eye Hospitals, as reported by DealStreetAsia in February this year.
Established in Jodhpur (Rajasthan) in 2005, ASG is one of the largest ophthalmology chains in India. It is currently present in over 83 cities across states such as Punjab, Madhya Pradesh, Odisha, Bihar, Maharashtra and Assam, besides Rajasthan.
The eye care hospital raised funding from General Atlantic and Kedaara Capital in 2022.
