(Updates with purchase price in second paragraph.)
Oct. 11 (Bloomberg) -- Life Healthcare Group Holdings Ltd. agreed to buy 26 percent of Max Healthcare Institute Ltd., the South African hospital owner’s first purchase in India.
The stake, valued at about 850 million rand ($107 million), will be paid for in cash, Johannesburg-based Life Healthcare said in a statement today. Max Healthcare, a unit of Max India Ltd., provides private hospital care in India’s Delhi region.
The South African company plans acquisitions in India, Turkey and Ghana to become a “significant force in emerging markets,” Chief Executive Officer Michael Flemming said in an interview on June 10, 2010, the day Life Healthcare started publicly trading in South Africa.
Life Healthcare, which owns and operates facilities in seven South African provinces and in Botswana, has climbed 37 percent to 19.65 rand in the past year, giving the company a market value of about 20.5 billion rand.
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