Cyril Amarchand Mangaldas (CAM) advises Advent International (“Advent”) on its investment of ~INR 2,475 crore in Apollo Healthco Limited (“AHL”) (a material subsidiary of Apollo Hospitals Enterprises Limited (“AHEL”)) which, inter alia, owns and operates Apollo 24|7, an omnichannel healthcare platform allowing patients access to a range of medical and ancillary support services across various healthcare products. The transaction also includes an investment by AHL in Keimed Private Limited (“Keimed”), and Keimed’s subsequent amalgamation into AHL. Keimed is engaged, inter alia, in the wholesale distribution of pharmaceutical and healthcare products.

CAM played a vital role by providing strategic guidance to Advent across all phases of the transaction, from initial drafting and negotiation of transaction documents, to overseeing regulatory compliance, obtaining anti-trust approval and addressing deal-specific issues.

The General Corporate team of Cyril Amarchand Mangaldas advised on the matter. Mr. Cyril Shroff, Managing Partner provided strategic guidance to Advent.

The transaction team was led by Vandana Sekhri, Arun Prabhu, Anand Jayachandran, Sonakshi Arora Partners; with support from Hina Tolani, Associate; Deval Dangayach, Associate; and Kabeer Jay, Associate.

Siddharth K. Vedula, Partner; and Kushal Ramotre, Director – Corporate Transactions; supported the finalisation and execution of the transaction documentation.

The diligence team was led by Aditi Manchanda, Partner; with support from Naimi Kamdar, Dhrumil Sanghvi, Senior Associates; Lokit Khurana, Utkarsh Roy, Kabeer Jay, Divya Shrivastava, Maya Venkiteswaran, Yashasvi Raj, Rashmi John and Mansi Jain, Associates.

The pharma and healthcare regulatory diligence and advisory team was led by Biplab Lenin, Partner; with support from Kartik Jain, Principal Associate; Priyam Rajkumar, Senior Associate; Kritika Asawa and Preksha Mehndiratta, Associates.

The contracting, intellectual property, information technology and data protection diligence and advisory team was led by Arun Prabhu, Partner& Head - TMT; with support from Arpita Sengupta, Principal Associate, Diksha Joshi and Kanav Khanna, Associates.

The employment diligence and advisory team was led by Bishen Jeswant, Partner; with support from Krithika Radhakrishnan, Principal Associate; Himaa Sudhir, Senior Associate; Raunak Sood and Parnika Sharma, Associates.

Anti-trust related aspect was led by Avaantika Kakkar, Partner & Head Competition; and Vijay Chauhan, Partner; with support from Rajat Sharma, Svyambhuv Talwar and Divyashree Rao, Associates.

Other advisors to the transaction included Shardul Amarchand Mangaldas & Co., legal advisors to Apollo Healthco Limited and Keimed Private Limited, AZB & Partners, legal advisors to Apollo Hospitals Enterprises Limited, EY, transaction and tax advisors to Advent; Deloitte Touche Tohmatsu Limited, financial advisors to Advent; Ropes & Gray LLP, international legal counsel to the investor in relation to compliance with foreign anti-corruption and anti-money laundering laws; and Veda Corporate Advisors Private Limited, bankers to the target companies.

The transaction was signed on 26th April, 2024. The transaction closed on September 27, 2024