Varian Medical Systems’ $283 Million Acquisition of Cancer Treatment Services International


Ropes & Gray represented Cancer Treatment Services International and TPG Growth in the sale

TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, has signed a definitive agreement to sell Cancer Treatment Services International (CTSI) to Varian Medical Systems (NYSE: VAR) for $283 million. CTSI is part of Asia Healthcare Holdings (AHH), a healthcare operating platform founded by TPG Growth. The transaction is expected close approximately two weeks and is subject to customary closing conditions.

CTSI owns and operates an expanding network of cancer treatment facilities across India and South Asia, including several brands: the American Oncology Institute, CTSI’s flagship network comprised of multi-disciplinary radiation, medical, and surgical oncology focused cancer hospitals across South Asia; US-based CTSI Oncology Solutions, which provides cancer treatment planning services to healthcare providers worldwide; and AmPath, an integrated reference laboratory and pathology services provider in India. CTSI employs more than 1,500 people across its operations in India and the US, and fulfills a significant patient demand in the region for quality cancer treatment protocols.

The Ropes & Gray team was led by private equity partner Jason Freedman (Picture), tax partner Benjamin Rogers and benefits partner Alexandra Alperovich.

Involved fees earner: Alexandra Alperovich – Ropes & Gray; Jason Freedman – Ropes & Gray; Benjamin Rogers – Ropes & Gray;

Law Firms: Ropes & Gray;

Clients: Cancer Treatment Services International; TPG Growth;