Singapore-based sovereign wealth fund Temasek said on Monday that it is acquiring an additional 41% stake in India's Manipal Health Enterprises from investors including TPG, boosting its stake in one of the country's largest hospital chains to 59%.
While Manipal did not specify the deal value, Temasek has paid about $2 billion for the additional stake, said a person with direct knowledge of the matter. Manipal did not immediately respond to a query seeking comment.
Private equity firm TPG, an investor in Manipal since 2015, will fully exit its stake, though it will reinvest via a new fund. India's sovereign wealth fund, the National Investment and Infrastructure Fund , will also sell its full stake to Temasek, while Manipal founder Ranjan Pai's family holding will reduce from about 50% to 30%.
Manipal currently serves over 5 million patients a year through its 29 hospitals in 16 cities with 4,000 doctors, according to a statement issued jointly by the investors. "By re-investing through our new Asia fund – TPG Asia VIII, we look forward to continuing to support Manipal's mission of bridging the quality healthcare infrastructure gap in the country," said Puneet Bhatia, co-managing partner of TPG Capital Asia.
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