Max Healthcare, on 8 December, announced the execution of a binding Share Purchase Agreement to acquire a 100% stake in Starlit Medical Centre Pvt. Ltd. for about Rs 125 crore.

Starlit Medical Centre Pvt. Ltd., with an enterprise value of Rs 940 crore, has entered into a Business Transfer Agreement with Sahara India Medical Institute Ltd for the purchase of a hospital that consists of 550 bedded Sahara Hospital in Lucknow, on a slump sale basis.

The hospital is located at Gomti Nagar, Lucknow, on a land parcel of 27 acres near an upmarket residential and commercial hub. It is housed in a 17-storey building and has a built-up area of 8.9 lakh square feet and other multidisciplinary care facilities in various specialities like surgery, gastroenterology, pulmonology, cardiology, and diagnostics.

The hospital also has a Nursing College on the same premises that offers GNM, BSc and MSc courses, with an annual intake of 100+ students.

Abhay Soi, Chairman and Managing Director of Max Healthcare Institute Ltd., said, “We are excited about this acquisition, which is in line with our strategy to enter new Tier I / II cities which have a developed healthcare services ecosystem.”

He added, “Given our track record of successful post merger integration, we expect to quickly improve the operating and financial performance on the strength of medical excellence of our clinicians and continued patronage from our patients. Through our presence in Lucknow, we aim to bring quality healthcare to people of Uttar Pradesh.”

The share purchase agreement has been executed by Crosslay Remedies Limited, a wholly-owned subsidiary of the company that owns and operates Max Super Speciality Hospital, Vaishali and Max Medical Centre, Noida. Crosslay Remedies Limited was acquired by the company in July 2015 as a part of an acquisition of erstwhile Pushpanjali Crosslay Hospital, Vaishali.