JSA, Trilegal, AZB lead on Temasek acquisition of controlling stake in Manipal Hospitals

The deal involves Temasek acquiring a controlling stake in Manipal Health Enterprises Private Ltd.
Manipal hospitals (For representative purposes only)
Manipal hospitals (For representative purposes only)

Temasek Holdings has acquired a controlling stake in Manipal Health Enterprises Private Ltd (Manipal Hospitals). Temasek has acquired an additional 41% stake in Manipal Hospitals, which means that it now holds a majority stake of 59%.

This also involves part exit to TPG and full exit to National Investment and Infrastructure Fund - II.

JSA advised Temasek Holdings and the transaction team included Partners Vikram Raghani, Rishabh G, Abhijeet Sonawane along with Senior Associates Akshath Mithal, Althea Pereira and Hemanth Joseph and Associates  Rishabh Sheth, Vaishnavi Vyas, Piyush Milani and Assistant Company Secretary Nishi Shah.

The competition law team Partner & Head of Practice Vaibhav Choukse along with Partner Ela Bali, Senior Associate Nripi Jolly and Aditi Khanna and Associate Faiz Rehman Siddiqui advised on competition law aspect.

Regulatory Aspects Partner – Bir Bahadur Sachar, Principal Associate – Yashvi Singh.

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

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

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

Trilegal is acting as the counsel for Manipal Hospitals and its promoters. The firm advised on all aspects of the transaction, including, structuring of all the transactions, negotiations with Temasek, TPG and NIIF, and drafting, reviewing and finalising of all transaction documents.

The deal was led by Harsh Maggon (Corporate Partner) and Ankit Kejriwal (Corporate Partner).

Nisha Kaur Uberoi (Partner & National Head of Competition Law practice) and Rudresh Singh (Partner, Competition Law) are advising on the anti-trust aspects of the deal.

Other attorneys who are working on the deal are Kosha Thaker, Nehal Binani, Wamika Jha, Jagdish Kaisare and Ritika Dhabaria from the corporate team and  Prakshal Jain, Reshabh Juneja, Vrinda Nagpal, Rishi Kauntia, Keerthana Kesavan and Varunavi Bangia from the anti-trust team.

AZB & Partners acted for TPG and the team was led by Partners Vaidhyanadhan Iyer, Bhuvana Veeraragavan and Bharat Budholia.

This transaction is the largest private equity deal in the healthcare sector in India.

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