Manipal buys Pune's Sahyadri Hospitals from Ontario Teachers for $760 mn
The company's statement announcing the deal late on Wednesday didn't disclose financial details.
However, according to two people with knowledge of the development, Manipal has agreed to pay around $750-760 million (about ₹ 6,200-6,400 crore) for the majority stake in its attempt to bulk up its asset base before it looks to go public.
OTPP had reportedly bought the firm for ₹ 2300 crore in 2022.
Manipal outbid Blackstone-backed Aster DM Quality Care in the process, the people said. Other bidders were Fortis Healthcare and global private equity firm EQT.
This transaction further consolidates the healthcare market in India as large firms have been looking to grow via inorganic route in the past few years. This acquisition will strengthen Manipal Hospitals' presence in western India, increasing its total beds to about 12,000 and hospitals to 49.
The expansion is in line with Manipal's strategy to augment its pan-India footprint, it said in the release.
'This acquisition will strengthen our presence in western India, enabling us to extend world-class healthcare to more patients,' said Ranjan Pai, chairman, Manipal Education and Medical Group.
Prior to the acquisition, Manipal had over 10,500 beds and was among the top three hospital chains in India, along with Apollo Hospitals and Aster DM Quality Care.
'Healthcare is a key investment theme for us globally and in India. Drawing on our global experience and playbook of investing in healthcare services, we saw the potential to build on Sahyadri's strong brand to create a regional healthcare leader," Deepak Dara, senior managing director and head of India, Ontario Teachers Pension Plan, said in a separate statement.
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