Temasek Acquires 41% Stake In Manipal Health For $2 Billion

Temasek Acquires 41% Stake In Manipal Health For $2 Billion

Sources said Temasek stake buyout would be for over Rs 16,300 crore.

New Delhi:

Singapore-based investment firm Temasek will acquire an additional 41 per cent stake in Manipal Health Enterprises, to take majority control of the Bengaluru-based firm, as per a joint statement issued by the entities today.

The companies did not share financial details of the deal.

Sources, however, said Temasek stake buyout would be for over Rs 16,300 crore valuing Manipal Health Enterprises (MHE) at around Rs 40,000 crore, making it the largest deal in the Indian healthcare sector.

Following the closing of the transaction, Manipal Group will hold about 30 per cent in Manipal Health Enterprises.

Sheares Healthcare Group, a wholly-owned subsidiary and independently-managed portfolio company of Temasek, will retain its existing 18 per cent stake, it said.

Besides, global alternative asset management firm TPG, which first invested in MHE through TPG Asia VI in 2015, will fully exit.

But, TPG will hold an interest of 11 per cent in the healthcare chain, through its new Asia fund – TPG Asia VIII, it added.

National Investment & Infrastructure Fund (NIIF) will exit its holding from MHE, the statement 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,” Manipal Group Chairman Ranjan Pai said in a statement.

Investing in healthcare requires a long-term outlook as well as a sensitivity to social responsibility, he noted.

“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,” Pai added.

Headquartered in Bengaluru, Manipal Hospitals currently serves over fifty lakh patients a year through its network of 29 hospitals. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

For all the latest business News Click Here 

Read original article here

Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.