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TPG, Manipal to acquire Fortis Healthcare's hospital division

A consortium led by privately held Manipal Health Enterprises Private Ltd. and TPG Capital Advisors LLC will acquire Fortis Healthcare Ltd.'s hospital division to form India's largest hospital services provider by revenue.

The resultant entity, Manipal Hospitals, will be listed as a public company on India's Bombay Stock Exchange and National Stock Exchange.

Under the agreement, for every 100 shares of Fortis, shareholders will be issued 10.83 shares in Manipal Hospitals. According to a filing by Fortis, its hospital division accounts for about 81.3% of the group's total turnover.

Manipal's director Ranjan Pai will own about 37.9% in the merged company, while TPG will be the second largest shareholder with a stake of about 20.7% in the newly listed company.

In addition, the consortium is acquiring a majority stake of 50.9% in medical diagnostics provider SRL Ltd. for about 36 billion Indian rupees. It is buying 20% from Fortis for about 7.2 billion rupees, and the remaining 30.9% from private equity investors. Fortis will continue to hold about 36.6% stake in the diagnostics provider while the existing investors will own 12.5%.

TPG and Manipal's Pai will invest about 39 billion rupees to fund the acquisition of SRL and support a proposed acquisition of hospital assets owned by Singapore-listed RHT Health Trust.

Recently, it was reported that TPG and Manipal were trying to acquire a controlling stake in Fortis.

Standard Chartered Bank is acting as financial adviser while Cyril Amarchand Mangaldas is acting as legal adviser to Fortis.

Allegro Capital, Goldman Sachs, Kotak Investment Banking are acting as financial advisers and AZB Partners is acting as legal adviser to Manipal Hospitals and TPG.

Karvy Investor Services Ltd. is providing fairness opinion to Fortis on the transaction while the valuation report is being provided by Walker Chandiok & Co. LLP.

As of March 27, US$1 was equivalent to 64.88 Indian rupees.