Apollo Health Acquires Controlling Stake in Care Diagnostics
This acquisition strengthens Apollo’s presence in the diagnostic and pathology sector in Uttar Pradesh.
Hyderabad-based Apollo Health & Lifestyle Limited (AHLL) has acquired a controlling stake in Lucknow-based Care Diagnostics for an undisclosed amount in an all-cash deal. This acquisition strengthens Apollo’s presence in the diagnostic and pathology sector in Uttar Pradesh.
A subsidiary of Apollo Hospitals Enterprise, AHLL operates Apollo Clinics and Apollo Diagnostics across India and the Middle East. According to sources familiar with the matter, “It is a significant controlling stake leading to a strategic partnership between the two.”
Pathway to Full Acquisition
The transaction involves the sale of a majority stake, structured with a provision for a complete 100% acquisition in the future. Industry insiders stated that this collaboration positions Care Diagnostics as a key player in Uttar Pradesh’s diagnostic and pathology sector, facilitating greater access to healthcare testing services across the region.
Investment banking firm Advay Capital Advisors advised Care Diagnostics’ promoters on the deal. However, Apollo, Care, and Advay did not respond to email queries regarding the transaction.
Established in 2006, Care Diagnostics operates a main diagnostic center in Lucknow and multiple collection centers in different locations. Sources added that Apollo’s investment is expected to enhance Care’s operational capabilities and accelerate its expansion across Uttar Pradesh.
