Metropolis Healthcare Acquires Core Diagnostics for INR 246.8 Cr The deal will be financed through a combination of cash and equity, with 55% of the transaction in cash and the remaining 45% through an equity swap.
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
Metropolis Healthcare, one of India's leading diagnostics chains, has acquired specialised diagnostics company Core Diagnostics for INR 246.8 crore.
The deal will be financed through a combination of cash and equity, with 55% of the transaction in cash and the remaining 45% through an equity swap.
Ameera Shah-led Metropolis stated that this acquisition strengthens its advanced cancer testing capabilities while deepening its presence in northern and eastern India. "With Core's majority revenue coming from these regions, the acquisition enables us to connect with leading hospitals and cross-sell our comprehensive range of tests while offering Core's advanced cancer diagnostics to our existing customers," said Surendran Chemmenkotil, CEO of Metropolis Healthcare.
Founded in 2012, Core Diagnostics is headquartered in Delhi-NCR and operates in over 200 cities across India. The company reported revenue of INR 110 crore in FY23-24 and has maintained a robust 22% compound annual growth rate over the last three years.
Dinesh Chauhan, CEO of Core Diagnostics, remarked, "This new chapter with Metropolis is both exciting and meaningful. What started as Zoya Brar's visionary dream has become a cornerstone of hope in advanced cancer testing. With Metropolis' reach, we are poised to make a larger impact in healthcare."
Established in 1981, Metropolis operates in 22 states, three union territories, and over 700 towns in India, making it one of the largest diagnostics networks in the country.
The transaction saw Alivio Advisors as the exclusive financial advisor to Metropolis and Saraf & Partners providing legal advisory services.
