Temasek To Buy Additional 41% To Take Control Of Manipal Health
Temasek will own 59%, while Manipal Group's shareholding will fall from nearly 51% to 30%.
Temasek Holdings Pvt. is set to take control of Manipal Health Enterprises Pvt. by acquiring an additional 41% stake in the multi-speciality hospital chain.
Sheares Healthcare Group, a fully owned subsidiary of Singapore-headquartered Temasek, signed definitive agreements to buy additional stakes from the secondary market in Manipal Health, the Indian healthcare services provider said in a statement on Monday.
Sheares Healthcare will retain its existing 18% stake, bringing its total holdings to about 59% after the transaction is completed. Manipal Health did not disclose the deal's valuation.
The Manipal Group's shareholding in the company will fall from nearly 51% to 30%.
The National Investment and Infrastructure Fund will sell its entire stake to exit the hospital chain. Global alternative asset management firm Texas Pacific Group will exit its 21.5% stake, via TPG Asia VI SF Pte., and re-enter to acquire 11% through TPG's new Asia fund, TPG Asia VIII.
The deal is subject to customary regulatory approvals.
Investing in healthcare requires a long-term outlook as well as a sensitivity to social responsibility, Ranjan Pai, chairman of Manipal Group, said in a statement. He said partners like Temasek and TPG, who resonate with these values, will continue to be a part of the journey ahead.
"By re-investing through our new Asia fund, TPG Asia VIII, we look forward to continuing to support Manipal’s mission of bridging the quality healthcare infrastructure gap in the country," said Puneet Bhatia, co-managing partner of TPG Capital Asia.
TPG Capital Asia's growing healthcare portfolio includes Sai Life Sciences, Pathology Asia Pte., Columbia Asia Hospitals Pvt., iNova Health Systems, Novotech Pty Ltd., Kangji Medical Holdings Ltd., and Dingdang Health Technology Group Ltd.
Manipal Health, founded in 1991 by Ramdas Pai, has a pan-India footprint of 29 hospitals across 16 cities with over 8,300 beds, 4,000 doctors, and an employee strength of over 12,000; it serves over 50 lakh patients a year.
