IKang Healthcare Group Inc. will go private after being acquired by two entities owned by Chinese billionaire Jack Ma.
Private equity firm Yunfeng Capital and e-commerce giant Alibaba Group Holding Ltd. entered definitive agreements to buy the Beijing-based healthcare services provider for $41.20 per common share or $20.60 for every American depositary stock acquired.
Jack Ma is the co-founder of both Yunfeng Capital and Alibaba.
IKang will be delisted from Nasdaq once the acquisition goes through, expected in the third quarter of the year.
J.P. Morgan Securities (Asia Pacific) Ltd., Simpson Thacher & Bartlett LLP, Walkers and Junhe LLP advised the iKang board on the deal. Davis Polk & Wardwell LLP and King & Wood Mallesons are serving as legal counsel to iKang.
Wilson Sonsini Goodrich & Rosati and Fangda Partners are serving as legal counsel to the buyers.