Chindex Completes Go-Private Deal By TPG, Fosun

NASDAQ-listed Chinese high-end hospital operator Chindex International, Inc. says that it has completed a go-private transaction by an investor consortium for US$24 per share in cash, according to a company announcement.

The company has been acquired by Healthy Harmony Holdings, L.P., an affiliate of TPG Capital, Shanghai Fosun Pharmaceutical (Group) Co., Ltd., and Chindex’s CEO, Roberta Lipson.

The take-private deal was approved by shareholders on September 16, 2014. Chindex has been delisted from NASDAQ, and is now a private company.

On February 17, Bethesda, Maryland-headquartered Chindex says it has entered into a definitive merger agreement with TPG Capital, Fosun Pharmaceutical and its CEO Roberta Lipson to take the company private for US$19.50 per share in cash.

On April 14, Chindex says that another investor, which was identified as the Carlyle Group by Chinese media reports, proposed to take Chindex private at US$23 per share, an 18% increase from its original offering price.

On April 21, the original bidders including TPG Capital, Fosun Pharmaceutical and Chindex CEO Roberta Lipson increased their offering price to US$24 per share.

The completion of the deal ends a seven-months bidding process that saw the acquisition price increase 23% in total.

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