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TPG-led consortium said to near deal for India’s No. 2 listed hospital chain

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TPG-led consortium said to near deal for India’s No. 2 listed hospital chain

Bloomberg Published on Mon, Mar 26, 2018 / 7:48 AM GMT+8

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MUMBAI (Mar 26): A consortium led by TPG is nearing an agreement to gain control of Fortis Healthcare Ltd., India’s second-largest private hospital chain by market value, people with knowledge of the matter said.

The investor group, which also includes Manipal Health Enterprises Pvt, could announce a deal as soon as the next few days, according to the people, who asked not to be identified because the information is private. Under the plan being discussed, the operations of closely-held Manipal -- whose backers include TPG and Temasek Holdings Pte -- would be combined with Fortis’s business, the people said.

Fortis is discussing issuing around 40 billion rupees ($810 million) of new stock to TPG and Manipal through a preferential allotment, one of the people said. That would make the consortium the biggest shareholder in the publicly-traded company, which has a market value of about US$1.1 billion, the person said.

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TPG-led consortium said to near deal for India’s No. 2 listed hospital chain

M&A

TPG-led consortium said to near deal for India’s No. 2 listed hospital chain

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TPG-led consortium said to near deal for India’s No. 2 listed hospital chain

M&A

TPG-led consortium said to near deal for India’s No. 2 listed hospital chain

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