India's biggest healthcare deal will create rival to Apollo
16-Feb-17, ET Healthworld
Global investor TPG Capital is attempting to pull off the biggest M&A deal in the Indian healthcare industry through a possible consolidation of Fortis Healthcare and Manipal Health Enterprises. This would create the country’s largest healthcare services group rivalling current leader Apollo Hospitals.
%20The%20Economics%20Times_Fortis.jpg "Indias biggest healthcare deal will create rival to Apollo (c) The Economics Times Fortis")
Image: The Economic Times / Fortis
TPG has held discussions to buy a large stake along with management control in Fortis Healthcare, owned by Delhi-based billionaire siblings Malvinder and Shivinder Singh of Religare. One of the world’s largest buyout funds, TPG is in simultaneous talks to increase shareholding in Manipal Health, even as it considers an eventual merger between the two.
The deal-making is likely to be a multi-staged affair, possibly spanning over the next 18 to 24 months, as TPG would initially acquire about 26% ownership and follow it up with a management takeover of Fortis.