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TPG leads $369m take-private for Sino-American healthcare group Chindex

18 Feb 2014

US private equity firm TPG has lead an investor consortium to acquire Nasdaq-listed Chindex International, an American healthcare company providing services in China, for $369m.

The deal, for $19.50 per share in cash is 13.7 per cent the company’s Friday closing price

Other members of the consortium include Shanghai Fosun Pharmaceutical and Roberta Lipson, the CEO of the company, who will remain in the role and roll over substantially all of her equity in the transaction

Chindex operates through the United Family Healthcare brand, a network of private primary care hospitals and affiliated ambulatory clinics. The company currently operates in Beijing, Shanghai, Tianjin and Guangzhou and also also provides medical capital equipment and products through Chindex Medical, a joint venture company with manufacturing and distribution businesses serving both domestic China and export markets

Lipson, said, “Bringing in the expertise of TPG and Fosun will be a win for our existing business, our expansion plans and the patients and communities we serve and hope to serve. Over the last 15 years, Chindex has built its United Family Healthcare network into a premium brand, but we believe that new partners and committed financing are needed to achieve the next phases of these plans, including new facilities in our current service locations as well as significant geographic expansion.”

Under the terms of the agreement, there is a go-shop period, during which the company and its advisors are permitted to actively solicit and consider alternative proposals from third parties through 3 April 2014.

The transaction will be financed through cash contributed by TPG, a combination of cash and equity contributed by Fosun and equity contributed by Lipson and other management.

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