Manipal Group to hold 30 per cent of the hospital chain
Temasek has signed definitive agreements to acquire an additional 41 per cent stake in Manipal Health Enterprises (MHE).
Following the closing of the transaction, Manipal Group will hold about 30 per cent of MHE. Sheares Healthcare Group, a wholly-owned subsidiary and independently-managed portfolio company of Temasek, will retain its existing 18 per cent stake.
Global alternative asset management firm TPG, which first invested in MHE through TPG Asia VI in 2015, will fully exit, but it will hold an interest of 11 per cent in MHE, through its new Asia fund – TPG Asia VIII. National Investment & Infrastructure Fund (NIIF) will exit its holding from MHE.
Dr Ranjan Pai, Chairman, Manipal Group said, “We are very glad for Temasek’s acquisition of a significant stake in Manipal Health Enterprises and its support to the management team in building out the platform to its full potential. Investing in healthcare requires a long-term outlook as well as a sensitivity to social responsibility. I am glad that we have partners like Temasek and TPG who resonate with these values and will continue to be a part of the journey ahead. I am also grateful to NIIF who partnered with us at a critical juncture, at the peak of the COVID-19 pandemic and supported us as we continued to provide high-quality healthcare.”
Puneet Bhatia, Co-Managing Partner, TPG Capital Asia said, “Since our investment in 2015, we have witnessed Manipal’s transformational journey of becoming one of the largest, best-managed and patient- centric healthcare networks in India. 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.”
Allegro Capital acted as the financial advisor on this transaction.
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