The digital healthcare startup PharmEasy’s parent API Holdings will be acquiring a majority stake in diagnostics major Thyrocare for Rs 4,546 crore. The landmark deal was struck in Lonavala over masala chai at Thyrocare Chairman A Velumani residence.

PharmEasy will retain the Thyrocare brand. While this gives PharmEasy a much-needed offline presence in diagnostics through a network of over 3,300 collection centers, Thyrocare promoters looked to unlock value in the business as it did not have a clear succession plan in place. Its founder Velumani is 62.

API Holdings on Friday announced the signing of definitive documents to acquire a 66.1 per cent stake in Thyrocare Technologies from Velumani and affiliates for Rs 1,300 per share. The transaction is subject to regulatory and other applicable customary approvals. Docon Technologies, a 100 per cent subsidiary of API, will be the acquirer and shall make an open offer for an additional 26 per cent stake.