February 17

GIC Invests $170 Million in TPG-Backed Health Firm

By Rupali Mukherjee

Singapore’s sovereign wealth fund GIC is investing $170 million (nearly Rs 1,300 crore) in TPG Growth-backed healthcare delivery platform Asia Healthcare Holdings (AHH), making it one of the largest PE deals in the hospital space in recent years.

The transaction values the Bangalore-based company at around Rs 3,500 crore, industry experts told TOI. After the transaction, GIC will pick up a minority stake in the company, while AHH will continue to hold a majority stake, sources close to the development said.

Incubated by TPG Growth in 2016 and headed by Vishal Bali, ex-CEO of Fortis and Wockhardt Hospitals, AHH was set up as a holding company to promote single-specialty healthcare delivery. Launched with the acquisition of Cancer Treatment Services International (CTSI), which operated a single hospital in Hyderabad, it expanded to 11 cancer hospitals over 3 years, till the time TPG exited.
Photo courtesy of Hush Naidoo.

Source: Times of India (link opens in a new window)

Health Care