PharmEasy, an online medical store made its decision public on June 25. It looks forward to acquiring 66.1 per cent stake in Thyrocare, a diagnostics services chain Technologies Ltd for 4,546 crore rupees.
According to an official statement the parent company of PharmEasy, API Holdings Ltd (API) announced the “signing of definitive documents to acquire 66.1 per cent stake in Thyrocare from Dr A Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore.”
The official statement further added that the founder of Thyrocare, Dr A Velumani will be separately acquiring a minority non-controlling stake. It’ll be of less than 5 per cent in API Holdings as part of a series of equity investments by existing and new investors of API.
Dr Velumani would be investing Rs 1500 crore and hold 4.9 per cent stake in API, a CNBC TV 18 report noted.
Thyrocare lacks a succession plan which can be noted as an important reason for Dr Velumani to sell the company at a time when valuations are rewarding. Moneycontrol was made aware of this by sources privy to the development.
PharmEasy also said while referring to the deal that the rationale is to “create one stop shop for end-to-end healthcare solutions.” The company shared that it is sufficiently funded to acquire Thyrocare with present cash and commitments.
