TPG Growth to sell CTSI to Varian for USD 283 mn

TPG Growth Tuesday said it has signed a definitive agreement to sell Cancer Treatment Services International (CTSI) to Varian Medical Systems for USD 283 million (over Rs 1,970 crore).

TPG Growth is a middle market and growth equity platform of global alternative asset firm TPG.

The transaction is expected close in approximately two weeks. CTSI is part of Asia Healthcare Holdings (AHH), a healthcare operating platform founded by TPG Growth, the company said in a statement.

CTSI owns and operates a network of cancer treatment facilities across India and South Asia, including several brands such as the American Oncology Institute, US-based CTSI Oncology Solutions, and AmPath, an integrated reference laboratory and pathology services provider in India.

Commenting on the development, partner at TPG Growth Matthew Hobart said: "The transaction today marks an exciting step for CTSI and an important milestone in AHH's evolution as one of the leading healthcare platforms in South Asia".

AHH seeks to build a market-leading franchise in single-specialties across India and South Asia, and helps power companies through a single management team, the statement said.

"Leveraging TPG's global healthcare franchise, we worked together to grow CTSI from sourcing to exit," AHH CEO Vishal Bali said.

"At Varian, the patient and clinician are at the center of our thinking as we evolve into a broad-based cancer care solutions company," Varian President and CEO Dow Wilson said.

The acquisition of CTSI is consistent with this strategy and will allow Varian to better support oncology centers globally, accelerate access to technology-driven care and build a feedback loop that will drive cost-effective innovation, he added.