Ontario Teachers' announces major India healthcare deal, to sell Sahyadri Hospitals to Manipal Hospitals
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The Ontario Teachers ' Pension Plan Board (Ontario Teachers') announced on July 9 its decision to sell its majority stake in Sahyadri Hospitals Group to Manipal Hospitals The exact financial details of the deal have not been made public yet. As per reports, the deal is valued at Rs 6,400 crore.Ontario Teachers' acquired a majority stake in Sahyadri Hospitals in 2022. Since then, Sahyadri has come a long way, transforming into a big name in Maharashtra healthcare scene.Sahyadri is now one of the largest hospital chains in the state, having 11 hospitals and a capacity of over 1,400 beds. The investment has facilitated substantial growth through strategic mergers and acquisitions, making Sahyadri a significant name in healthcare.Under Ontario Teachers' stewardship, the hospital group has developed clinical leadership and attracted top medical talent across various specialties, a press release said.Continuous capital investments have been made to upgrade infrastructure, medical equipment, and specialty programmes, thereby improving patient care and expanding services in smaller cities throughout Maharashtra, the statement added.The sale of Sahyadri to Manipal Hospitals is currently pending regulatory approvals.IPO-bound Manipal was the leader in the race for Sahyadri Hospitals with a Rs 6,838 crore ($800 million) bid, ET had reported in late June. It was trailed closely by Blackstone.IHH Healthcare-backed Fortis Healthcare and EQT Partners also submitted bids on June 23, which was the last day to submit binding financial bids.Ontario Teachers' was supported in this transaction by a team of advisors, including Jefferies and Alvarez & Marsal for financial guidance, alongside legal counsel from Latham & Watkins and Trilegal.Additionally, EY provided expertise in accounting, tax, and commercial matters, ensuring a smooth transition process.
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