In order to increase its ownership of one of the major hospital networks in the nation to 59 percent, the Singapore-based sovereign wealth fund Temasek said that it is purchasing an additional 41% interest in Manipal Health Enterprises from investors including TPG.
Manipal did not disclose the acquisition pricing, but according to a source with firsthand knowledge of the transaction, Temasek paid roughly $2 billion for the increased share. A request for comment from Manipal was not immediately met with a response.
TPG, a private equity company that has invested in Manipal since 2015, will completely sell its holdings, although it will reinvest through a new fund.
The family ownership of Manipal founder Ranjan Pai will drop from about 50% to 30%, and the National Investment and Infrastructure Fund (NIIF) will also sell its entire interest to Temasek.
According to a joint statement released by the investors, Manipal presently treats more than 5 million patients annually through its 29 facilities in 16 locations and 4,000 clinicians.
To assist Manipal in achieving its goal of closing the gap in the nation’s healthcare infrastructure, TPG Capital Asia has reinvested in TPG Asia VIII.
