Narayana Health acquires UK's Practice Plus Hospitals for £183m

Narayana Hrudayalaya Limited announced the acquisition of 100% of UK-based Practice Plus Group Hospitals Limited (PPG Hospitals) for approximately £183 million, implying a 9.2x FY25E EV/EBITDA multiple on currently operational centers. PPG Hospitals, a leading independent provider to the NHS with three divisions, is the fifth largest private healthcare network in the UK, focused on secondary care with committed NHS contracts. This acquisition is financed through approximately £150 million in long-term debt over seven years.

The transaction is expected to close within days, with no pre-closing regulatory approvals required. A six-month transition services agreement will ensure continuity, and key management and corporate employees will be retained. This move offers Narayana Health low-risk, value-accretive entry into a mature UK market, leveraging its operating model and aiming to become a leading UK private pay provider.

Narayana Hrudayalaya will host a conference call on Monday, November 03, 2025, at 12 Noon (IST) to discuss the acquisition. Financial advisors include Allegro Capital, with A&O Shearman providing legal diligence, and Alvarez & Marsal handling financial and human resources diligence. PricewaterhouseCoopers conducted tax diligence.