Max Healthcare Institute signs deal to acquire Eqova Healthcare

Max Healthcare Institute on Friday said it has inked a deal to acquire Eqova Healthcare, a company with long-term exclusive rights to aid development and provide medical services to an upcoming 400-bed hospital.

The hospital, which is owned by Nirogi Charitable and Medical Research Trust, will come up at Patparganj, Delhi.

"This new hospital will allow us to cater to the need for quality healthcare of the East Delhi community and fortify our network footprint in NCR in a synergistic manner.

"It will further enable us to bring high-end clinical programmes and technologies to the region and also help us to continue serving the indigent patient community," Max Healthcare Institute Chairman and Managing Director Abhay Soi said in a statement.

The healthcare provider said it aims to acquire the firm by way of upfront purchase of 26 per cent stake, with an Escrow mechanism set up for additional 34 per cent, under call/put options, to be exercised linked to achievement of certain milestones.

In addition, the parties have agreed to call/put options for the balance stake to be exercised on achievement of defined milestones.