Temasek to acquire 41% stake in India hospital chain for reported $2.7 billion
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The deal is said to be worth about US$2 billion (S$2.66 billion), according to reports by media outlets.
PHOTO: ST FILE
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SINGAPORE - Singapore’s investment company, Temasek, announced on Monday that it is acquiring a 41 per cent stake in India’s Manipal Health Enterprises (MHE). The deal is said to be worth about US$2 billion (S$2.7 billion), according to reports by media outlets.
After the transaction, Manipal Group will hold about 30 per cent of MHE, which is one of India’s largest hospital chains.
Sheares Healthcare Group, a wholly owned subsidiary and independently managed portfolio company of Temasek, will keep its existing 18 per cent stake.
Alternative asset management firm TPG, which first invested in MHE 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 and Infrastructure Fund (NIIF) will exit its MHE holding.
“At Temasek, we continue to seek opportunities in India that are aligned with our views on structural trends shaping the future. This includes our focus on longer lifespans, which looks at how healthcare can address the growing needs of longevity,” Temasek said.
Manipal Group chairman Ranjan Pai 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.”
Manipal currently serves over five million patients a year through its 29 hospitals in 16 cities with 4,000 doctors, according to a joint statement from Manipal, TPG and NIIF.
