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Apax In Talks To Sell Stake In Apollo Hospitals

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Global private equity firm Apax Partners LLP is exploring options to sell its 10 per cent stake in hospital chain Apollo Hospitals Enterprises, three sources with direct knowledge of the matter told Reuters. Malaysian sovereign fund Khazanah, which already holds around a 10.85 per cent stake in Apollo, is one of the funds in talks with Apax, said the three sources, who declined to be named as they were not authorised to speak to the media. Apax's holding in Apollo is currently valued at about $190 million (approx 1,007 crore)  as per closing price on 27 September.
Apax has yet to start a formal process, but has had early talks with other investors, including the Blackstone Group and Bain Capital, the sources said. Apax and Khazanah officials were not immediately available to comment. Blackstone and Bain declined to comment. Sangita Reddy, executive director of operations at Apollo Hospitals told Reuters that Apax had indicated it was planning a potential stake sale, but not yet started any process.
"They (Apax) had indicated about it (sale plans) but they have not initiated the process. They are happy with the company's performance," she told Reuters by phone.