Manipal Group has announced that Temasek has signed definitive agreements to acquire an additional 41% stake in Manipal Health Enterprises (MHE). Allegro Capital Private Limited acted as the financial advisor on this transaction.
Following the closing of the transaction, Manipal Group will hold about 30% of MHE. Sheares Healthcare Group, a wholly-owned subsidiary and independently-managed portfolio company of Temasek, will retain its existing 18% stake. Leading global alternative asset management firm TPG, which first invested in MHE through TPG Asia VI in 2015, will fully exit, but it will hold an interest of 11% in MHE, through its new Asia fund - TPG Asia VIII. National Investment & Infrastructure Fund (NIIF) will exit its holding from MHE.
Dr Ranjan Pai, chairman of Manipal Group, said,
