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TPG-backed consortium acquires China’s Chindex International

22 Apr 2014

surgey-operation-medical-healthcare-doctor-patient-hospitalA consortium backed by private equity firm TPG Capital has agreed to acquire Chinese hospital operator Chindex International for around $433m.

TPG, Fosun Pharma and Chindex CEO raised their offer to $24 per share from $19.50 after a rival suitors declined to sweeten its $23 per share bid for the business.

TPG will contribute cash, while Fosun will provide cash and equity, said Chindex.

Chindex chairman Kenneth Nilsson said, “The disciplined and independent process followed by the transaction committee and its advisors has borne fruit in achieving optimal results for our unaffiliated stockholders.

“We are delighted to see that the preservation of a level playing field for interested parties generated a bidding process that maximized the outcome for our unaffiliated stockholders, including a significant reduction of conditionality to the merger.”

Earlier this month TPG bought a stake in UK bathroom products and furniture retailer Victoria Plumb for £200m.

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