Law firms CAM, Trilegal, and Latham & Watkins take action in the ₹6,400 crore acquisition of Sahyadri Hospitals by Manipal Hospitals, represented by Ontario Teachers'.
In a significant development in India's healthcare sector, Manipal Health Enterprises has announced the acquisition of Sahyadri Hospitals Group from the Ontario Teachers' Pension Plan Board. The deal, valued at approximately ₹6,400 crore, marks a significant expansion for Manipal Health Enterprises, one of India's leading multi-speciality healthcare providers.
The transaction was advised by a team of experts from various fields. Allegro Capital Advisors and Barclays handled the financial aspects, while Cyril Amarchand Mangaldas provided legal counsel. Alvarez & Marsal offered accounting and commercial advisory, and Deloitte handled tax matters.
On the other hand, Ontario Teachers' was advised by Trilegal, Latham & Watkins, and KPMG. Trilegal's Corporate team was led by Partners Sanjam Arora and Vishal Sagar, and the Latham & Watkins team was not disclosed.
The Sahyadri Hospitals Group, the largest private hospital chain in the state of Maharashtra, will strengthen Manipal Health Enterprises' presence in the region. The acquisition follows Ontario Teachers' acquisition of a significant majority stake in Sahyadri Hospitals Group in 2022.
The deal was meticulously scrutinised by various teams. Ashwin Sapra led the regulatory due diligence, with support from Kartik Jain, Kritika Asawa, and Bhavya Kansara. Bishen Jeswant led the employment due diligence, with assistance from Akash Mishra and Shivika Gupta. Lakshmi Prakash led the financing due diligence, and Sharan Kukreja led the litigation due diligence. Ritha Ulbyre led the real estate due diligence, and Pranav Sharma, Sangita John, and Hariharan Kumar assisted on financing-related aspects.
The transaction team at Cyril Amarchand Mangaldas was led by Reeba Chacko and Kota Chandan. They were supported by Pallavi Banerjee (Partner, Banking & Finance), Kunal Shah (Partner, Real Estate), Gauri Chhabra (Partner, Competition), and Kanishka Maggon (Partner, Labour & Employment). Avaantika Kakkar, Dhruv Rajain, Rajat Sharma, Vanya Agarwal, Pushkar Singh, and Ria Vora assisted on competition-related aspects of the transaction. Amita Gupta Katragadda, Shaishavi Kadakia, Pratyush Khanna, Nayani Agarwal, and Naomi Manoj handled certain other legal aspects.
The Ontario Teachers' Pension Plan Board, a major global investor with a substantial portfolio, has net assets of $247.5 billion as of December 31, 2023. The sale of its majority stake in Sahyadri Hospitals Group to Manipal Health Enterprises is a strategic move that is expected to yield significant returns in the future.
[1] - Source: Press Release, Manipal Health Enterprises, [Date] [2] - Source: Press Release, Ontario Teachers' Pension Plan, [Date] [3] - Source: Press Release, Allegro Capital Advisors, [Date] [4] - Source: Press Release, Cyril Amarchand Mangaldas, [Date] [5] - Source: Press Release, Alvarez & Marsal, [Date]
In this real-estate deal, Allegro Capital Advisors and Barclays were instrumental in handling the financial aspects of the transaction, suggesting an investment in the business sector. The proceeds from the sale of Ontario Teachers' Pension Plan Board's majority stake in Sahyadri Hospitals Group to Manipal Health Enterprises could potentially be reinvested, fostering further growth in the finance and business domains.
