Narayana Hrudayalaya Acquires UK’s Practice Plus Group for £183 Million

Narayana Hrudayalaya has made a landmark entry into the European healthcare market by acquiring Practice Plus Group (PPG) Hospitals Limited, the UK’s 5th largest private healthcare network and 4th largest NHS service provider, for £183 million. The deal gives Narayana immediate access to 10 hospitals and surgical centres, 330 beds, 37 operating theatres, and a team of ~1,300 clinical staff. With 50% spare capacity, PPG offers strong scalability, especially in day care and private-pay services—aligning with growing demand amid rising NHS waiting lists (projected at 7.42 million by Aug 2025). Financed largely through £150 million debt (7-year tenor), the acquisition trades at 9.2x FY25E EBITDA and brings a proven asset-light model with established NHS contracts, ensuring stable revenue. Narayana plans to enhance efficiency using its digital Athma platform and will retain PPG’s management to ensure smooth integration. With the UK’s private outpatient market expected to grow from £11B to £15B by 2025, this move marks a strategic international expansion, diversifying Narayana’s footprint beyond India and positioning it as a key player in the evolving UK healthcare landscape.