Singapore's Temasek buys Manipal stake

 18-Sep-17, ET Heatlhworld 

Singapore’s Temasek Holding has agreed to acquire a INR10 bn (USD153 mn) stake in India's Manipal Hospitals in a deal that possibly turns the Bengaluru-based private healthcare network into an industry consolidator. Temasek approved a transaction to buy True North’s 16% stake in Manipal Health Systems, which runs a hospital chain of around 5,000 beds, valuing Manipal at USD1 bn.

Image ET Healthworld

True North, a leading Indian private equity firm managing assets worth over USD2 bn, is exiting Manipal with a threefold gain on its five-year-old investment. Temasek joins TPG Capital, which owns 22%, as a significant minority shareholder.

True North - a buyer of high-growth, mid-market Indian companies in financial services, consumer and healthcare sectors - also has a minority share in Aster DM Healthcare, which it plans to exit through an IPO later this fiscal year.

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