April 5, 2012 / 10:39 AM / in 6 years

Private equity eyes Russian healthcare - source

MOSCOW April 5 (Reuters) - Russia’s newest state fund and an international private equity firm are in talks to invest in Moscow’s healthcare system by taking a stake in a business owned by conglomerate Sistema, a source close to the proposed deal said on Thursday.

Sistema’s Medsi chain of private clinics would first buy a handful of state-run hospitals owned by Moscow city, creating a business worth about $800 million, the source said.

The Russian Direct Investment Fund (RDIF), along with the private equity investor, would then buy a 25 percent stake in the combined entity, the source said.

The Financial Times earlier reported that the private equity firm involved in the deal is Apax.

It would be the first deal for the $10 billion Russian Direct Investment Fund (RDIF) that involves a traditional private equity firm. The fund was set up to attract foreign direct investment into Russia.

The RDIF, government funded but run by private equity specialist Kirill Dmitriev, previously invested alongside the European Bank for Reconstruction and Development (EBRD) into Moscow’s MICEX-RTS bourse and with Xenon Capital into power generator Enel OGK-5. [ID: nL5E8E19K3] [ID: nL5E8CU1VK]

Sistema’s other assets include top mobile phone operator MTS and mid-size oil producer Bashneft.

Apax could not immediately be reached for comment. Sistema and the RDIF declined to comment.

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