Private equity major General Atlantic has made an investment in Cygnus Medicare which runs hospitals under the brand Ujala Cygnus in tier-2 and tier-3 regions in north India.
The deal is currently in documentation stage, and is expected to be finalised within the next few weeks. EY s investment banking arm is advising on the stake sale.
GA will acquire about 51% stake held by existing investors - Eight Roads Ventures India, Evolvence India Fund and Somerset Indus Healthcare Fund. Besides the secondary transaction, GA will also acquire a small minority stake from the promoters along with a primary stake, sources said.