Evercare and CDC Group on Saturday announced an agreement to acquire a controlling interest in STS Holdings Limited. The investment made through the Evercare Health Fund—included financing from CDC Group, the United Kingdom’s development finance institution, and support from The Rise Funds, says a press release.
The transaction is expected to close in the first half of 2020, according to the release. Founded in 2005, STSHL operates a 425-bed multi-disciplinary hospital in Dhaka with healthcare providers across 29 specialties and is currently developing a new 400-bed facility in Chittagong. Evercare is an integrated healthcare delivery platform operating in growth markets across Africa and South Asia, including India, Pakistan, Kenya and Nigeria, according to the release.
STSHL joins the Evercare network of hospitals that operate across South Asia and Africa and will provide immediate additional scale to the Evercare platform, significantly increasing the number of patients served.
‘STSHL’s strong foothold in the Bangladesh market, quality facilities and services, and strategic and operational alignment with the Evercare network make it a perfect complement to our growing platform in Africa and South Asia, said Andrew Currie, chief operating officer of Evercare. ‘As we seek to improve health outcomes for patients, Evercare and CDC are the right partners to help expand our work in Bangladesh,’ said STSHL chairman Bob Kundanmal.