New Delhi, Feb. 23 -- KKR said it has agreed to acquire a controlling stake in cancer treatment chain HealthCare Global Enterprises Ltd (HCG) from fellow private equity firm CVC for Rs.445 per share, amounting to around $400 million.

KKR replaces CVC as the largest shareholder in HCG and assumes sole control of its operations, the company said. Dr BS Ajaikumar, founder and chairperson of the chain, will take on the role of non-executive chairman and focus on driving clinical, academic and research.

KKR will first acquire 51% stake and launch an open offer for 26%, according to Securities and Exchange Board (Sebi) regulations. If it does not secure a minimum of 3% through the open offer, it will acquire this stake from CVC, a person fami...