Corporate Valuations - News Temasek to buy True North’s 18% in Manipal Health for Rs 1,400 crore



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Temasek to buy True North’s 18% in Manipal Health for Rs 1,400 crore


Date: 27-March-2017

Temasek is all set to acquire an 18% stake in Manipal Health Enterprises Pvt Ltd (MHEPL) from True North, valuing India’s third-largest hospital chain at as much as $1.2 billion (Rs 7,800 crore). With a new investor coming on board, True North, formerly India Value Fund Advisors (IVFA), will fully exit its five-year invest-Temasek to Buy True North’s 18% inManipal Health for Rs 1,400 Cr. In 2012, IVFA had invested Rs 1,000 crore (then $180 million) to bankroll Manipal’s expansion in India and overseas. In 2015, bulge-bracket investor TPG invested another Rs 900 crore ($146 million) for a 23% stake. It will remain invested. Manipal Health is likely to get valued at Rs 5,850-7,800 crore ($900 million-1.2 billion). The company reported revenue of Rs 1,128.6 crore, ebitda of Rs 206.4 crore and profit after tax of Rs 37.06 crore in FY 2016. Analysts peg FY17 ebitda at Rs 240-250 crore.

 
 
 
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