Private equity (PE) giant Texas Pacific Group (TPG)-controlled Parkway Hospital in Singapore is leading the race to acquire 25-30% stake in Bangalore-headquartered Manipal Hospital for over Rs 500 crore. The indirect stake buy in one of India’s largest private hospital chains will also be TPG’s biggest play in the domestic market.
Manipal hit the market for fund raising almost five months back, and received aggressive offers from a clutch of private equity players like Apax Partners, Actis and Sequoia.The impending transaction may value Manipal Hospital at around Rs 2,000 crore, with India poised to play a big role in Parkway’s overseas strategy.
Following the Parkway acquisition four year back, TPG has been aggressively pushing the Singapore healthcare company, with medical tourism play, into new markets including China. TPG Capital has so far invested about $200 million in India, mainly across technology and consumer verticals. Its arm, TPG-Axon, which takes block positions in public companies and invests in real estate, has nearly $1 billion
exposure in India.
Manipal Hospital operates a network of 17 hospitals in India and Nepal with around 2,500 beds.The deal will not cover the Manipal Group’s flagship Kasturba Medical College (KMC) at Manipal and a satellite hospital in Mangalore that are managed by a trust.Inclusive of this two, the group is arguably India’s largest private hospital network.
Read more in The Economic Times article.
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