Medicover expects gross cash proceeds of €0.74 billion from sale of Indian operations
Key Facts
Medicover announced an agreement to sell all shares in Medicover Hospitals India to funds managed by KKR at an enterprise value of €1.2 billion, and said it expects gross cash proceeds of €0.74 billion upon completion. The company expects the deal to close in the fourth quarter of 2026, subject to customary closing conditions, regulatory approvals and merger control. Medicover said the exit would accelerate execution of its strategy in Poland, Germany and Romania. It added that the deal would strengthen its financial position and flexibility. The announcement comes as the group refocuses on its European markets, while third-quarter results remain the focus of the interim report listed in the company's financial calendar for November 4, 2026.
Medicover owns a 66.1% stake in the Indian company, while the remaining 33.9% is held by minority partners. The deal covers all shares in Medicover Hospitals India, according to the company disclosure, and therefore extends beyond its direct equity stake. Revenue from the Indian operations was €220.5 million on a last-12-months basis through June 30, 2026. At the end of that month, the platform comprised 24 hospitals, around 4,800 beds and around 11,400 employees. These figures show the scale of the business whose assets will leave the group upon completion of the sale. The cash proceeds cited by the company are gross, and it linked them to the expected closing date.
Medicover's second-quarter 2026 results provide a recent comparison of the group's performance ahead of its next report. Revenue rose 7.3% in the quarter to €640.4 million, while operating profit EBIT increased 22.6% to €51.2 million, with an operating margin of 8.0%. In the third quarter of 2025, the company reported revenue of €591.6 million and operating profit of €42.8 million, with a margin of 7.2%. The year-on-year comparison in the third quarter of 2025 was affected by a weaker base: revenue was €527.8 million, operating profit was €6.7 million and the margin was 1.3% in the corresponding period a year earlier. The published figures for the two previous periods show the path of revenue and profitability ahead of the interim report for July to September 2026.
Medicover disclosed the sale of its Indian business on August 6, 2026, setting an enterprise value of €1.2 billion. That measure differs from the gross cash proceeds of €0.74 billion that the company said it would receive upon completion. The transaction is due to proceed after closing conditions are met and regulatory and merger control approvals are obtained. The company says its strategic and operational focus after the deal will include Poland, Germany and Romania. It also linked the exit to greater financial flexibility, without detailing in the cited disclosure how proceeds would be allocated across those markets.
The Indian hospital operations had drawn up operational growth plans before the deal was announced. In comments to Reuters on August 26, 2026, a Medicover India executive said the company expected its 25 hospitals to become profitable within 18 months. The executive added that the core earnings margin, which stood at 14% at the time, could rise to a range of 20–25% over 12 to 18 months. The executive also said the network was targeting occupancy of 4,000 beds within 18 months, from total capacity of 6,000 beds. These estimates date from the August comments, while the deal disclosure cited different platform figures at the end of June: 24 hospitals and around 4,800 beds. The figures remain tied to their respective dates and sources.
Medicover's financial calendar set November 4, 2026, as the publication date for its interim report covering July to September. The published second-quarter results are the latest nearby quarterly comparison among the facts available here, while third-quarter 2025 figures provide a historical year-on-year comparison. The sale of the Indian business is targeted for completion in the fourth quarter of 2026, according to the company announcement. That timing remains subject to closing conditions, regulatory approvals and merger control. The company said the deal aims to support execution of its strategy in Poland, Germany and Romania and strengthen its financial flexibility.