Global investment firm KKR is in advanced negotiations to acquire a controlling interest in the Indian hospital division of Sweden’s Medicover, with the deal valued at a minimum of $1 billion, according to a source with direct knowledge of the situation.
Stockholm-listed Medicover moved quickly to confirm the discussions, issuing a press release shortly after being contacted for comment Wednesday evening. The company stated that Medicover Hospitals India is currently in talks with KKR “regarding a potential sale of its Indian operations.”
While Medicover’s statement offered no financial specifics, sources indicate KKR is looking to acquire the Swedish parent company’s full 66.9% ownership stake for at least $1.05 billion. Talks with minority shareholders are also reportedly underway.
According to the source, who asked not to be identified given the private nature of the negotiations, “discussions are ongoing and a non-binding agreement has been reached.”
Medicover first entered the Indian market in 2016 and has since built a network of 26 hospitals with roughly 6,000 beds. The company also noted in its statement that it has been preparing for an initial public offering on Indian markets, and that there is no guarantee the KKR discussions will result in a completed transaction.
This potential deal would represent another significant step in KKR’s growing commitment to healthcare in India. In 2024, the firm purchased a controlling stake in a hospital group based in the southern Indian state of Kerala and has continued supporting that group’s expansion through additional acquisitions.
India’s hospital industry has become a magnet for investors, driven by rising household incomes, broader health insurance access, and increasing demand for higher-quality medical care — all of which are fueling consolidation across the sector.
Medicover competes in India against Apollo Hospitals, Aster Hospitals, and Fortis Healthcare.
Financial advisory firm Rothschild is handling the sale process on Medicover’s behalf, while Kotak is advising KKR, the source said. Neither firm responded to requests for comment.
Medicover’s India operations posted annual revenue of $234.6 million in 2025, a gain of nearly 1% compared to the prior year. The Indian division represents more than half of the company’s total hospital network worldwide.
Medicover did not respond to additional questions, and KKR declined to comment.
