Sheares Healthcare owned by Temasek inks deal to take over majority stake in Manipal Hospitals
By MYBRANDBOOK
Temasek-backed Sheares Healthcare India has inked a deal to buy a majority stake in billionaire Ranjan Pai-led Manipal Hospitals, according to a media report.
"The deal has been signed and an official announcement is expected next week. The enterprise value of Manipal Hospitals is expected to be around Rs 40,000 crore to Rs 42,000 crore as part of the transaction," said a source.
According to a second source, after buying 41% stake from other parties for around Rs 16,000 crore Sheares would possess a combined stake of 59%.
Another source confirmed the above and added that an official announcement on the transaction is expected next week.
Sheares, which manages a portfolio of healthcare delivery assets for investment major Temasek, is an existing shareholder in Manipal Hospitals and holds around 18% stake. Other than Temasek-led Sheares, the other external shareholders in Manipal Health Enterprises include US private equity firm TPG, which holds around 21% stake, and India’s sovereign wealth fund NIIF (National Infrastructure Investment Fund), which has an 8% stake.
Sheares India also has investment in Kolkata-based hospital chain Medica Synergie. Separately, Temasek also holds around 16% stake in Global Health, the operator of Medanta Hospitals, which is listed on the domestic bourses.
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