Apollo 24|7, a subsidiary of Apollo Hospitals, said it has entered into a framework agreement to integrate 100 per cent of Keymed Pvt Ltd, India's leading wholesale pharma distributor, in a phased manner over the next 24-3 months.
Advent will invest in two tranches to secure a 12.1 per cent stake in the merged entity, valuing the combined entity at an enterprise value of Rs 22,48 crore.
Apollo 24|7 has an enterprise value of Rs 14,478 crore while KeyMed I has an enterprise value of Rs 8,003 crore.
After the merger, KeyMed shareholders will hold a maximum of 25.7 per cent stake in the combined entity, while Apollo Hospitals will remain the largest controlling shareholder with a minimum 59.2 per cent stake.
“Apollo 24|7 has delivered on this promise and has reached over 33 million Indians in a very short span of time. With Advent's investment and the merger of KeyMed, the combined entity will be one of the leading retail healthcare companies in the country, " said Dr. Prathap C. Reddy, Chairman, Apollo Hospitals Group.
The merger is subject to further corporate approvals being obtained at the relevant time.
"The size of the merged supply chain will allow 1.4 billion Indians to access genuine medicines within 24 minutes to 24 hours, 7 days a week," said Shoban Kamineni, executive vice president, Apollo Hospitals.
According to Shweta Jalan, Managing Partner and Head of Advent India, this investment reflects Advent's commitment to invest in the rapidly growing healthcare sector in India.
Since its inception in February 2020, Apollo 24|7 has garnered a user base of over 33 million users and is facilitated by a network of over 7,000 doctors.
Advent will invest in two tranches to secure a 12.1 per cent stake in the merged entity, valuing the combined entity at an enterprise value of Rs 22,48 crore.
Apollo 24|7 has an enterprise value of Rs 14,478 crore while KeyMed I has an enterprise value of Rs 8,003 crore.
After the merger, KeyMed shareholders will hold a maximum of 25.7 per cent stake in the combined entity, while Apollo Hospitals will remain the largest controlling shareholder with a minimum 59.2 per cent stake.
“Apollo 24|7 has delivered on this promise and has reached over 33 million Indians in a very short span of time. With Advent's investment and the merger of KeyMed, the combined entity will be one of the leading retail healthcare companies in the country, " said Dr. Prathap C. Reddy, Chairman, Apollo Hospitals Group.
The merger is subject to further corporate approvals being obtained at the relevant time.
"The size of the merged supply chain will allow 1.4 billion Indians to access genuine medicines within 24 minutes to 24 hours, 7 days a week," said Shoban Kamineni, executive vice president, Apollo Hospitals.
According to Shweta Jalan, Managing Partner and Head of Advent India, this investment reflects Advent's commitment to invest in the rapidly growing healthcare sector in India.
Since its inception in February 2020, Apollo 24|7 has garnered a user base of over 33 million users and is facilitated by a network of over 7,000 doctors.
