Pharmeasy to acquire Thyrocare in Rs 4,546 crore-deal

By: |
June 25, 2021 8:02 PM

API Holdings, the parent of the unicorn Pharmeasy, and A Velumani, Chairman and Managing Director of Thyrocare Technologies, have signed a definitive agreement for the deal.

Pharmeasy, Pharmeasy deal, Pharmeasy news, Thyrocare, Thyrocare deal, Thyrocare news, health apps, health newsUnder the transaction, the Delhi-based company will buy 66.1 per cent stake in Thyrocare from Velumani and his affiliates at Rs 1,300 per share

Digital healthcare company Pharmeasy on Friday announced that it will acquire a controlling stake in diagnostic chain Thyrocare for Rs 4,546 crore. API Holdings, the parent of the unicorn Pharmeasy, and A Velumani, Chairman and Managing Director of Thyrocare Technologies, have signed a definitive agreement for the deal.

Under the transaction, the Delhi-based company will buy 66.1 per cent stake in Thyrocare from Velumani and his affiliates at Rs 1,300 per share, according to a statement. The transaction, which is significant because an entrenched player is getting acquired by a startup, will also see a subsidiary of API making an open offer to acquire an additional 26 per cent stake in the listed Thyrocare, the statement said.

Velumani will be separately acquiring a minority non-controlling stake of less than 5 per cent in API as part of a series of equity investments by existing and new investors of API. Shares of Thyrocare closed 6.23 per cent up at Rs 1,448.05 apiece on BSE on Friday.

 

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