From Breakingviews: Singapore's Temasek is taking control of India’s Manipal hospital chain for $2 billion. Growing and recession-resilient, Asian healthcare is emerging as a relatively attractive safe haven, says anshumandaga
An executive prepares to take the stage during the annual Temasek Review in Singapore July 7, 2016. REUTERS/Edgar Su - D1BETODYDQABtaking control
It’s a bold push for the Singaporean firm into India, where its exposure has nearly doubled in five years to $16 billion. Manipal operates 29 hospitals and has more than 8,300 beds, making it among the largest chains in a sector led by Apollo Hospitals Enterprise For a start, Temasek will now be able to call the shots and realise more savings in an asset it has part-owned since 2017. It’s buying a further 41% to bump its stake up to 59%. U.S. private equity firm TPG will benefit. It will hold 11% after exiting its investment through one fund and buying again through another.
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Temasek acquires 41% stake in India's Manipal HealthSingapore-based Temasek said on Monday that it is acquiring an additional 41% stake in India's Manipal Health Enterprises, taking its total stake to 59% in one of India's largest hospital chains.
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