Latest news with #SahyadriHospitals
Time of India
15-07-2025
- Business
- Time of India
Manipal Hospitals borrows Rs 5,300 crore from global banks to fund Sahyadri acquisition
Mumbai: Manipal Hospitals , part of Mangalore-based Manipal Education and Medical Group (MEMG), is borrowing nearly ₹5,300 crore from five foreign banks to fund its acquisition of Sahyadri Hospitals , four people familiar with the plans said. The banks comprising European lenders Deutsche Bank and Barclays , Japan's Mitsubishi UFG Financial Group (MUFG) and Sumitomo Mitsui Banking Corp (SMBC), and Singapore's DBS Bank have agreed to provide the debt funding for the acquisition, the people said. "The total deal size is around ₹5,900 crore, 90% of which is funded by debt raised from these foreign banks. The rest 10% has to be paid next fiscal year," one of the persons said. "The debt is being funded by bonds issued by Manipal, maturing in two years at a yield of around 9.5%." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 새로운 재테크 찾는다면 '코인재테크' 시작하세요 나우투자그룹 더 알아보기 Undo Last week, Temasek-backed Manipal Hospitals signed an agreement to acquire Pune-based Sahyadri Hospitals from Ontario Teachers' Pension Plan (OTPP). The acquisition will make Manipal the largest private sector hospital chain in India, giving it 11 new hospitals across Pune, Nashik, Ahilya Nagar and Karad. Its total network will increase to 49 hospitals with bed capacity of 12,000. "The banks will invest in these bonds through the foreign portfolio investment (FPI) route since the funds are raised to fund a foreign-owned company, and Reserve Bank of India (RBI) rules do not permit banks to lend onshore for mergers and acquisitions," said a second person aware of the details. Live Events Barclays and MUFG declined to comment, while spokespersons for Deutsche and SMBC did not reply to emails seeking comment. "As a matter of principle, DBS Bank does not comment on specific transactions," said a spokesperson for DBS. FPI entities floated by these banks, most likely based out of Singapore, will subscribe to these bonds. Manipal will redeem these bonds in the next two years from the proceeds of its planned initial public offering (IPO). Singapore's $339 billion Temasek , one of the world's largest sovereign funds, owns 59% of Manipal Hospitals with promoter Ranjan Pai & family owning 30% and private equity investor TPG holding a 11% stake. An IPO is planned for 2026. A Manipal spokesperson did not reply to ET's email seeking comment. Foreign banks usually fund M&A deals in India through their overseas arms to tide over regulations in the country. The banks usually hold these bond investments to maturity showing them in the investment book in India. All five banks mentioned above have agreed to fund this deal with covenants signed on Monday, the people cited above said.
Bloomberg
14-07-2025
- Business
- Bloomberg
Manipal Is Said to Seek $466 Million Debt to Fund Hospital Deal
India's Manipal Education & Medical Group is in talks with a group of global lenders to raise about 40 billion rupees ($466 million) to help fund its purchase of Sahyadri Hospitals, according to people familiar with the matter. Manipal, backed by Singapore state investment company Temasek Holdings Pte, has reached out to banks including DBS Group Holdings Ltd., Deutsche Bank AG, JPMorgan Chase & Co. and Standard Chartered Plc, said the people, who asked not to be identified because the information is private.
Entrepreneur
11-07-2025
- Business
- Entrepreneur
Manipal Hospitals Signs Deal to Acquire Sahyadri from Ontario Teachers'
With this acquisition, Manipal Hospitals will operate a total of 49 hospitals and approximately 12,000 beds, positioning it among the largest hospital networks in India. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Manipal Hospitals has signed definitive agreements to acquire Sahyadri Hospitals from Ontario Teachers' Pension Plan, a global investment organisation. This strategic move significantly strengthens Manipal's presence in western India by adding 11 new hospitals located across Pune, Nashik, Ahilya Nagar, and Karad. With this acquisition, Manipal Hospitals will operate a total of 49 hospitals and approximately 12,000 beds, positioning it among the largest hospital networks in India. The financial terms of the transaction were not officially disclosed, though industry estimates suggest the deal is valued at around INR 6,000 crore. Ontario Teachers' had acquired a majority stake in Sahyadri Hospitals in 2022. Under its ownership, the hospital chain expanded through various mergers and acquisitions. As of December 31, 2024, Ontario Teachers' reported net assets of USD 194 billion. The acquisition aligns with Manipal's broader strategy to grow its pan-India footprint and enhance access to quality healthcare. The integration of Sahyadri Hospitals marks a key step in this ongoing expansion, especially in the western region of the country.
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Business Standard
10-07-2025
- Business
- Business Standard
Valuation of Manipal Hospitals hits $13 billion; firm eyes IPO in 2026
Bengaluru-based Manipal Hospitals cements top spot with major expansion, aims IPO Shine Jacob Sohini Das Chennai / Mumbai Listen to This Article Bengaluru-headquartered Manipal Hospitals' valuation has jumped by at least $1 billion (over ₹8,000 crore) after the acquisition of Sahyadri Hospitals, reaching around $13 billion (0ver ₹1.1 trillion), according to multiple sources familiar with the development. This marks more than a threefold increase from the $3 billion (around ₹25,000 crore) valuation reported in 2021. Manipal Hospitals announced late Wednesday that it had acquired Sahyadri Hospitals from the Ontario Teachers' Pension Plan (OTPP), a global investor with net assets of $194 billion. The size of the deal is reportedly over ₹6,000 crore. 'This ₹6,000 crore, plus an upside value of over ₹2,000
Time of India
10-07-2025
- Business
- Time of India
Manipal Health Buys Sahyadri Hospitals for Likely ₹6,400 cr
Manipal Health Enterprises, India's second-largest hospital chain, has acquired Sahyadri Hospitals from Canada's Ontario Teachers' Pension Plan (OTPP), according to a joint statement issued by both firms. While they did not officially reveal the financial terms, people privy to the development said the deal was closed at ₹6,400 crore, or around $750 million. ET had first reported on June 30 that Bengaluru-headquartered Manipal was leading the race to acquire the Maharashtra-focused Sahyadri Hospitals. The report had said the deal would be executed at ₹6,833 crore ($800 million). 'This acquisition will strengthen our presence in Western India, enabling us to extend world class healthcare to more patients,' said Ranjan Pai, chairman of Manipal Education and Medical Group. IPO-bound Manipal Health, which is backed by Temasek and TPG Capital, will have 12,000 beds nationwide post this acquisition. Sahyadri Hospitals operates 11 facilities across Pune, Nashik, Ahilya Nagar and Karad, comprising 1,300 beds, 2,500 clinicians and 3,500 support staff, according to information available on its website. Manipal outbid Fortis, Aster DM Healthcare and Swedish private equity firm EQT to win the race for Sahyadri, according to information ET had published earlier. Strong Brand | page 10 In June 2025, KKR invested $600 million in debt into the Manipal Group to support its accelerated expansion and corporate growth plans. Barclays and Allegro Capital, Deloitte and Cyril Amarchand Mangaldas advised Manipal while Jefferies, Alvarez & Marsal, EY and Trilegal were advisers to OTPP. At the sale price, OTPP has made a 2.6 times return on its three-year old investment. It had acquired Sahyadri from Everstone Capital in August 2022 at a valuation of around ₹2,500 crore, outbidding Max Healthcare. Everstone had bought the hospital chain three years earlier in 2019 from its founder, neurosurgeon Charudutt Apte , for about ₹1,000 crore. '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,' said Deepak Dara, senior managing director and head of India at OTPP. OTPP is a global investment manager with $178 billion in net assets. It administers retirement funds for more than 340,000 schoolteachers and administrative staff in the Canadian province of Ontario. The deal value translates into a valuation multiple of 31 times Sahyadri Hospitals' operating profits of ₹210 crore for 2024-25. The nation's largest hospital Apollo, which is listed, is valued at 36 times its 2024-25 operating profits. ET first reported on December 6 last year that OTPP was planning to put Sahyadri Hospitals on the block. ET subsequently reported in May that Manipal, IHH Healthcare-backed Fortis, EQT and Blackstone-backed Aster DM Healthcare were competing to buy Sahyadri Hospitals.
