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Private equity firm joins billionaire Jack Ma's entities to take iKang private

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.