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M&A Deal Summary

KKR Acquires HCG

On February 23, 2025, private equity firm KKR acquired healthcare services company HCG from CVC Capital Partners

Acquisition Highlights
  • This is KKR’s 17th transaction in the Healthcare Services sector.
  • This is KKR’s 28th transaction in India.

M&A Deal Summary
Date 2025-02-23
Target HCG
Sector Healthcare Services
Buyer(s) KKR
Sellers(s) CVC Capital Partners
Deal Type Secondary Buyout

Target

HCG

Bangalore, India
HCG is a large provider of cancer care by operating 23 specialist centers (c.2,000 beds), three multi-specialty hospitals and seven IVF clinics. The business has an expansive geographic footprint, strong brand recognition and a reputation for clinical excellence and successful outcomes. HCG was founded in Bangalore, India.

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Buyer(S) 1

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 486 of 489
Sector: Healthcare Services M&A 17 of 17
Type: Secondary Buyout M&A Deals 107 of 108
Country: India M&A 28 of 28
Year: 2025 M&A 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-29 Henry Schein

Melville, New York, United States

Henry Schein is a distributor of health care products and services to office-based dental, animal health, and medical practitioners. The Company also serves dental laboratories, government and institutional healthcare clinics, and other alternate care sites. Henry Schein was founded in 1932 and is based in Melville, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-09 Karo Healthcare

Stockholm , Sweden

Karo Healthcare is a specialty pharmaceutical company in the Nordics. Karo Healthcare develops and markets products for pharmacies and directly to the healthcare sector. The product portfolio includes over-the-counter and prescription pharmaceuticals as well as medical devices. Karo Healthcare was incorporated in 1987 and is based in Stockholm, Sweden.

Buy -

Seller(S) 1

SELLER

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.

DEAL STATS #
Overall 175 of 177
Sector: Healthcare Services M&A 7 of 7
Type: Secondary Buyout M&A Deals 43 of 43
Country: India M&A 2 of 2
Year: 2025 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-27 Hellenic Healthcare Group

Athens, Greece

Hellenic Healthcare Group is is a private hospital operator. The group has six hospitals: Metropolitan Hospital, Metropolitan General, Hygeia Hospital, Mitera, Leto and Creta Interclinic. Hellenic Healthcare Group is based in Athens, Greece.

Sell $2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-24 Skybox Security

San Francisco, California, United States

Skybox Security is a provider of firewall network compliance and IT risk analysis software for cybersecurity. Skybox Security helps customers predict and prevent critical IT security and compliance exposures before they cause harm, even on the most complex IT networks. Skybox Security was founded in 2002 and is based in San Jose, California.

Sell -
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