Temasek to buy care hospitals for rs 1,800 cr

1. Temasek to Buy
CARE Hospitals
for Rs 1,800 cr
Co edges past competing offers from
Abraaj for 72% stake
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2. Contd…
Singapore's Temasek Holdings is set to acquire a controlling 72% stake in
Hyderabad-based CARE Hospitals from the current private equity owner
Advent International for ` . 1,800 crore, edging past competing offers from
Abraaj, an emerging markets private equity group. Temasek had earlier
teamed up with TPG Growth to form a consortium but the latter opted out
of the race a few weeks back after it was not comfortable with the final
contours of the transaction, including the pricing, said three people directly
in volved in the deal. Once completed, this will arguably be the first time that
Temasek acquires a controlling stake in an Indian company on its own. It had
earlier this year joined hands with Advent to buy the consumer division of
Crompton Greaves. A formal announcement is expected in the next seven to
10 days.“I would like to state that we have no comments to offer to your
query,“ an Advent India spokesperson said in an emailed response to ET
query. A Temasek spokesperson declined to comment on what he said were
market speculation and rumours.
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3. Contd…
Founded in 1997 by Dr B Soma Raju and a team of cardiologists, Quality CARE India Ltd runs a
network of 17 hospitals with 2,400 beds across nine locations under the CARE Hospitals brand
name.The hospitals are based in Hyderabad, Secunderabad, Visakhapatnam, Raipur, Pune, Nagpur,
Bhubaneswar, Jabalpur and Surat.
It is expected to add 600 more beds in the near future through greenfield and brownfield expansion
taking the overall count to 3,000 beds. CARE also runs a network of telemedicine hubs in rural
Andhra Pradesh and Maharashtra. Its founders developed Asia's first indigenous coronary stent.
In 2012, Advent acquired 72% of the chain for $105 million (Rs 680 crore at current exchange rate)
from investors including investor Rakesh Jhunjhunwala, Matrix Labs founder Nimmagadda Prasad
and UK-based Ashmore. The remaining stake is held by doctors work ing at the chain.
Earlier this year, Advent mandated global independent investment bank Moelis & Co. and Capital
Fortunes to sel its three-year-old investment. The proc ess had seen wide interest in the initia round
from financial and strategic part ners, including consortiums such as PD Hinduja Hospital and
Everstone Group as well as South African healthcare chain Netcare and Bain Capital. Singa pore's
Thomson Medical, China's Fosun Group, Malaysia's IHH Healthcare Bhd private equity heavyweights
Carlyle and domestic rivals like Manipal were also in the fray but dropped out in suc cessive rounds.
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4. Contd…
Temasek -the Singapore govern ment's investment company -revised its initial offer
to match that of Abraaj sources add. The doctors who plan to stay on and run
operations are also be lieved to have preferred Temasek, a well known marquee
investor in India. Even Thomson Medical had initially offered a higher price but its
terms a combina tion of stock and cash and milestone linked-payouts are believed
to have met with a lukewarm response.
Temasek has been actively investing in pharma and healthcare, having backed
Gurgaon-based Medanta and cancer care specialist HealthCare Global En terprises
previously.
In India, bed availability was nine per 10,000 people in 2012, significantly lower
than the World Health Organization guideline of 30 per 10,000. To meet this global
standard, India will need to invest over `. 14 lakh crore, Crisil said recently.
The Indian healthcare market therefore has significant long-term growth potential,
similar to other key regional markets, analysts said.
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5. Contd…
“We expect the Indian healthcare sector to grow to $350-380 billion by 2025
at a CAGR of 13-14%,“ Barclays said in a September report. “In a highly
fragmented healthcare market like India, where 90% of the hospitals are in
the unorganised segment (primarily regional non-pan Asia players), we
believe prospects for inorganic growth are one of the highest across Asia.“
In recent months, deal activity in the hospitals space has picked up with most
PE-backed chains eyeing initial public offerings. They include Dr Devi Shetty's
Narayana Hrudayalaya, Bengalurubased HealthCare Global Enterprises Ltd
and Dubai-based cancer hospital chain Aster DM Healthcare.
In August, IHH Healthcare Bhd, which runs pan-Asian hospital chain Parkway
Holdings, bought a 73.4% stake in Hyderabad-based Global Hospitals for ` .
1,284 crore.
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