The deal can be worth about Rs 7,000 crore
Online medical store PharmEasy is in advanced talks to acquire diagnostics services chain Thyrocare in a deal worth about Rs 7,000 crore. According to a report in Moneycontrol, given the IPO timelines of PharmEasy’s parent company API Holdings, a deal to buy Thyrocare is likely to be announced soon.
API Holdings, which recently acquired PharmEasy‘s smaller rival Medlife, is likely to raise $1.2 billion through the IPO this financial year, according to a Moneycontrol report last month.
The lack of a succession plan at Thyrocare could be a key reason for the company’s founder, Dr A Velumani, to sell the company at a time when valuations are rewarding, the people said.
Thyrocre promoters are likely to sell a stake that is likely to trigger an open offer for shareholders of the company. The promoters held a 66.14% stake in Thyrocare as of March 31, 2021. API Holdings may have two listed companies after a deal for Thyrocarel and the planned IPO. The deal structure in the works is addressing the existence of separate listed entities in the group.
