Temasek picks addl 41% in Manipal Health for Rs16,300cr
The deal will take total stake in one of India’s largest hospital chains to 59%
image for illustrative purpose
Singapore-based sovereign wealth fund will buy stake from PE firm TPG and Manipal founder Ranjan Pai’s family. Manipal runs a chain of 29 hospitals in 16 cities, with 8,300 beds
New Delhi: Singapore-based sovereign wealth fund Temasek will acquire an additional 41 per cent stake in Manipal Health Enterprises for over Rs16,300 crore ($2 billion), boosting its stake in one of India’s largest hospital chains to 59 per cent. Temasek will buy the stake from private equity (PE) firm TPG as well as Manipal founder Ranjan Pai’s family, the companies said in a joint statement.
They did not disclose the financial details of the transaction. Sources, however, said Temasek stake buyout would be for over Rs16,300 crore valuing Manipal Health Enterprises (MHE) at around Rs40,000 crore, making it the largest deal in the Indian healthcare sector.
Temasek, which already has an 11 per cent stake in Manipal, will increase its holding to 59 per cent after the transaction. While TPG will fully exit, Pai’s family will reduce stake from about 50 per cent to 30 per cent. India’s sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF) too is selling its full stake to Temasek. Manipal runs a chain of 29 hospitals in 16 cities, with 8,300 beds.
“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,” Manipal Group Chairman Ranjan Pai said in a statement.
