IKang Healthcare Group Inc. said private equity firm Boyu Capital Fund III LP will join two affiliates of Chinese billionaire Jack Ma in the company's going-private transaction.
Under the amended merger agreement, Boyu will join the affiliates of private equity firm Yunfeng Capital and e-commerce giant Alibaba Group Holding Ltd. as a sponsor and provide equity financing for the transactions.
In March, Yunfeng and Alibaba group entered agreements to buy iKang for $41.20 per common share or $20.60 for every American depositary stock acquired.
IKang will be delisted from Nasdaq once the acquisition goes through, expected in the third quarter.
Jack Ma is the co-founder of both Yunfeng Capital and Alibaba.
