The acquisition at an enterprise value of Rs 325 crore is expected to close by March. On completion of the deal, Vidal and its subsidiaries shall become wholly-owned subsidiaries of Bajaj Health, the companies said in a statement.
The acquisition is likely to help expand Bajaj Health’s capabilities in better servicing hospitalization needs of customers, the statement added.
Mumbai-based Vidal Healthcare is a leading healthcare administrator and its wholly-owned subsidiary Vidal Health Insurance TPA services premium of over Rs 5,000 crore, covering 130 million lives. It has significant presence in servicing corporate group policies, retail insurance as well as government health schemes.
Vidal also provides insurtech solutions to some global clients apart from offering knowledge process outsourcing services to global insurance and health administrators.
The acquisition now enables Bajaj Health to offer OPD, wellness as well as hospitalization benefits to customers, said Devang Mody, chief executive of Bajaj Finserv Health. He also said, to ensure continuity of service for existing clients of Vidal TPA, the present core management team will continue. The deal, advised by JM Financial, underscores Vidal’s commitment to staying at the forefront of the healthcare industry in providing innovative and flexible solutions to our customers, said Girish Rao, chairman and managing director of Vidal Health.
Bajaj Finserv is the holding company of all non-auto businesses of the Bajaj Group and is the core investment company of the group.
The group serves over 200 million customers with its diversified portfolio that includes savings products, consumer and commercial loans, mortgages, auto financing, securities brokerage services, general and life insurance, and investments.
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