JSA advises Temasek on acquiring a controlling stake in Manipal Hospitals, the largest healthcare PE deal in India

  • Deal
  • April 11, 2023

JSA advised Temasek Holdings in its acquisition of a majority stake in Bengaluru-based Manipal Hospitals. Temasek has acquired an additional 41% stake in Manipal Hospitals, which means that it now holds a majority stake of 59%.

The transaction also involves a partial exit by existing investor TPG as well as full exit by National Infrastructure Investment Fund (NIIF), an investment platform anchored by the Indian government. Following the transaction, the stakes held by promoter Ranjan Pai and his family will fall from 52% to 30%. Manipal Hospitals runs India’s second-biggest hospital chain after the Apollo Group. Manipal has 29 hospitals in 16 cities of the country.

The transaction is the largest private equity deal in the Indian healthcare sector.

Our Transaction Team Lead Partner – Vikram Raghani, Partner – Rishabh Gupta, Partner – Abhijeet Sonawane, Senior Associate – Akshath Mithal, Senior Associate – Althea Pereira, Senior Associate – Hemanth Joseph, Associate – Rishabh Sheth, Associate – Vaishnavi Vyas, Associate – Piyush Milani, and Assistant Company Secretary – Nishi Shah.

Our CCI Team Partner & Head of Practice (Competition Law) – Vaibhav Choukse, Partner – Ela Bali, Senior Associate – Nripi Jolly, Senior Associate – Aditi Khanna,  and Associate – Faiz Siddiqui.

Regulatory Aspects Partner – Birbahadur SacharPrincipal Associate – Yashvi Singh.

Our Real Estate Team Partner – Malini Raju, Counsel – Vidhyadhare S, Associate – Lavanya HM, Associate – Deepika Nagaraja, Associate – Nagashree Prasad, Associate – Prannathi Ajith Kumar.

Our Disputes Team Partner – Varghese Thomas, Partner – Pratik Pawar, Principal Associate – Yohaann Limathwalla, Senior Associate – Siddhesh Pradhan, Senior Associate – Maitreyi Kannur.

Our Data Privacy Team Associate – Unnati Deva, Associate Shivani Bhatnagar.