Medi Assist to fully acquire Paramount Health in a deal worth Rs 400 cr

Medi Assist Healthcare Services, which offers third-party administration services to insurance firms, on Monday said it will fully acquire Paramount Health Services & Insurance TPA in a deal valued at over Rs 400 crore. Medi Assist Insurance TPA, a wholly-owned subsidiary of Medi Assist Healthcare Services, has inked a pact with Fairfax Asia and Nayan Shah & family to acquire Mumbai-based Paramount Health Services & Insurance TPA. Paramount is a prominent player in the TPA space, owned by Fairfax Asia and the Shah family. With the acquisition of Paramount TPA, Medi Assist TPA's market share will grow to 36.6 per cent for the group segment and 23.6 per cent of the health insurance industry, by premiums managed, the company said. The deal was concluded at an enterprise value of about Rs 311 crore, and around Rs 110 crore of cash equivalents will be paid as part of the acquisition, it added. The acquisition represents one of the largest TPA deals in India, subject to regulatory (Irdai) approvals, it added.