Singapore government-owned fund Temasek Holdings is believed to have acquired an additional 41% stake in Manipal Health Enterprises for about ₹16,500 crore to have majority management in the Bengaluru-based agency.
Temasek Holdings-backed Sheares Health, which already holds 18% in Manipal, is buying the stake valuing the healthcare chain at about ₹40,000 crore, making it the biggest deal in the Indian healthcare sector, folks conscious of the event said.
An official announcement is predicted subsequent week.
When contacted, Manipal Health Enterprises declined to remark.
Meanwhile, Temasek Holdings said, “As a matter of policy, Temasek does not comment on market speculation”.
It is known that the deal is being carried out by means of the acquisition of shares from the present promoters of Manipal Health — the Pai household and different shareholders, together with TPG Capital.
The Pai household at the moment holds 52% of the corporate and after the transaction, their holding will come down to 30%.
Similarly, TPG Capital’s holding can be anticipated to come down to 11% from 22%, sources said.
On the opposite hand, the National Infrastructure Investment Fund, which has round 8% stake in Manipal, will utterly exit.
Started in 1953, Manipal Health is a multi-speciality healthcare supplier with 29 hospitals with round 8,300 beds, unfold over 16 cities.
The transaction tops the record of multi-crore offers in the Indian healthcare sector, together with the ₹9,100 crore stake sale of 27% stake by KKR in Max Healthcare final yr and Malaysia-based IHH Healthcare’s 31.17% buy-in Fortis for ₹4,000 crore in November 2018.
