PE company TPG will use a new fund to reinvest its 11% holding in Manipal Hospitals.
Manipal Hospitals said on Monday that the international alternative asset management company TPG will reinvest its 11% ownership in Manipal Health Enterprises Pvt Ltd (MHEPL) through its newest fund, TPG Asia VIII. Following a formal announcement that Singapore’s Temasek private equity firm had purchased an additional 41% share in the hospital network, Manipal made this statement. Under a premium deal, if the transaction closes, the Ranjan Pai-led Manipal Group will hold roughly 30% of MHEPL while National Investment & Infrastructure Fund (NIIF) will sell its interest in the business. According to the deal, Temasek’s fully owned subsidiary and portfolio firm…