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Manipal-TPG eyes majority stake in Medanta, values at Rs 6000 crore

TPG Capital and Manipal Health Enterprises are in talks to jointly acquire majority stake in hospital operator Medanta from heart surgeon Naresh Trehan and other investors. Trehan, his family, and Medanta co-founder Sunil Sachdeva own around 55 percent stake in the Gurugram-based hospital. US-based private equity fund Carlyle Group owns 27 percent in Global Health, which owns, manages and operates Medanta, while Singapore’s Temasek Holdings holds 18 percent stake. While the discussions are still on and it is yet to submit a bid, Manipal-TPG is likely to offer a valuation of Rs 6000 crore for Medanta.

Earlier, Malaysia’s IHH Healthcare had submitted a bid for Medanta, valuing the firm at around Rs 5700 crore. IIH, however, withdrew its non-binding bid following its acquisition of the hospital business of crisis-ridden Fortis Healthcare in July, outbidding TPG-Manipal. Medanta’s acquisition would help TPG Capital further expand its healthcare systems in India as the US-based company has been sharpening its focus on healthcare investments in India since 2016. As of now, TPG Capital’s healthcare portfolio in the country includes Cancer Treatment Services International; Bengaluru-based Rhea Healthcare, the operator of hospitals for women and children under Motherhood brand; and Sai Life Sciences, a drug discovery and manufacturing firm.

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