CHENNAI: Bengaluru-based healthcare provider Narayana Health has announced the acquisition of UK-based Practice Plus Group (PPG) Hospitals for £188.78 million, acquiring 100 percent stake of 60,001 equity shares, it said in a regulatory filing. The acquisition represents Narayana Health’s move into the UK healthcare market, where PPG operates 12 hospitals and surgical centres, specialising in high quality orthopaedics, ophthalmology and general surgery.
The strategic acquisition extends Narayana Health’s global reach, placing the company amongst the top three healthcare providers in India by revenue. Practice Plus Group of hospitals is the fifth largest private hospital group in UK, performing around 80,000 surgeries a year. Through this acquisition, Narayana Health gains access to the UK healthcare market, where demand for surgeries, specially in the private sector, is projected to grow significantly in the coming years.
The two parties seems sharing the same vision and value systems: healthcare needs to be affordable and accessible to all.
Dr Devi Prasad Shetty, founder and chairman of Narayana Health, said, “The acquisition of Practice Plus Group hospitals and surgical centres is an incredibly exciting step for Narayana Health. Like Narayana Health, Practice Plus Group recognised that the majority of patients were struggling to access healthcare, while only a minority could afford costly private healthcare. We have both been working to meet the demands of those in between, and to offer a new choice of more accessible private healthcare. Together, we are a perfect fit, and I am looking forward to welcoming Practice Plus Group to Narayana Health and helping many more patients get the help they need.”
“Dr. Shetty and Narayana Health have an enviable reputation for high quality, efficient healthcare with a human touch and I’m excited about what Practice Plus Group’s hospitals and surgical centres can achieve with the commitment and expertise of Narayana Health behind us,” said Jim Easton, Practice Plus Group chief executive.