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Amazon, Walmart's Flipkart in Talks to Buy Stake in $1.1 Billion Diagnostics Chain

  • India firm plans to sell stake of more than $300 million
  • Amazon, Walmart-backed Flipkart among potential buyers
Updated on

Metropolis Healthcare Ltd., a diagnostics chain operating in India and Africa, is looking to raise more than $300 million and bring onboard a strategic partner by selling a significant minority stake, according to people familiar with the matter.

The company is in early discussions with several global strategic investors and other potential purchasers of the shares, said the people, asking not to be identified because the deliberations aren’t public. Metropolis, traded in Mumbai with a market value of $1.1 billion -- about half what it was at the start of the year -- tapped Barclays as an adviser, they said. A deal would likely include a sale of primary shares as well as secondary shares by existing investors, including the managing director, that could take the deal size over $300 million.