Temasek stake buyout would reportedly be for over Rs 16,300 crore valuing Manipal Health Enterprises (MHE) at round Rs 40,000 crore.
Temasek to purchase the stake from non-public fairness agency TPG in addition to Manipal founder Ranjan Pai’s household
Singapore-based sovereign wealth fund Temasek will purchase a further 41 per cent stake in Manipal Health Enterprises for over Rs 16,300 crore (USD 2 billion), boosting its stake in one in every of India’s largest hospital chains to 59 per cent. Temasek will purchase the stake from non-public fairness agency TPG in addition to Manipal founder Ranjan Pai’s household, the businesses stated in a joint assertion.
They didn’t disclose the monetary particulars of the transaction.
Sources, nevertheless, stated Temasek stake buyout could be for over Rs 16,300 crore valuing Manipal Health Enterprises (MHE) at round Rs 40,000 crore, making it the most important deal in the Indian healthcare sector. Temasek, which already has an 11 per cent stake in Manipal, will improve its holding to 59 per cent after the transaction.
While TPG will totally exit, Pai’s household will cut back stake from about 50 per cent to 30 per cent. India’s sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF) too is promoting its full stake to Temasek. Manipal runs a sequence of 29 hospitals in 16 cities, with 8,300 beds.
“We are very glad for Temasek’s acquisition of a major stake in Manipal Health Enterprises and its assist to the administration group in constructing 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 at the moment serves over 50 lakh sufferers a yr by way of its community of 29 hospitals.
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