M&A

M&A

GA, Kedaara-backed ASG Eye Hospitals to merge with Sharp Sight in Rs.450-Cr deal

Economic Times  

Jodhpur-headquartered ASG Eye Hospitals , backed by private equity firms General Atlantic and Kedaara Capital, has signed an INR 450 crore non-binding merger deal with New Delhi-based Sharp Sight Eye Hospitals .The deal, which would be executed through a cash and stock payout, pegged the value of unlisted ASG, founded by former AIIMS doctor duo Arun Sinhgvi and Shilpi Gang, at INR 7,000 crore.Sharp Sight founder Samir Sud and the company’s management team will get shares of ASG in lieu of their existing shareholdings in Sharp Sight as part of the deal. InvAscent, a private equity investor in Sharp Sight, will get cash.ASG runs 170 centres across India. Sharp Sight has 17 facilities, and apart from northern India, it also has a presence in Jharkhand, Bihar, West Bengal, and Tripura.ASG Eye Hospitals raised INR 1,500 crore from General Atlantic and Kedaara Capital in 2022. The two private equity firms acquired around a 46% stake in the company at that time. Following the fundraise, ASG acquired southern India-based Vasan Healthcare in 2023, adding 150 hospitals to its network.