Ontario Teachers’ Pension Plan Board has announced the sale of its majority stake in Sahyadri Hospitals Group to Manipal Health Enterprises for ₹6,400 crore.
Cyril Amarchand Mangaldas advised Manipal Hospitals on this stake acquisition deal.
The transaction team was led by Reeba Chacko, Senior Partner; and Kota Chandan, Partner; with support from Astha Tambi, Principal Associate; Anushka Sharma, Senior Associate and Arundhati Diljit, Associate; with strategic inputs being provided by Nivedita Rao, Senior Partner.
The due diligence was led by Chandan; with support from Subhankar Pasalapudi, Principal Associate; Anushka Sharma, Senior Associate; Sushant Khalkho, Associate; Akash Thomas Jose, Associate; Yash Chadha, Associate; Vishnu Mohan, Associate; and Aditya Gore, Consultant.
The real estate due diligence was led by Ritha Ulbyre, Partner; with support from Pavithra Rao, Senior Associate; Astha Krishna, Associate; Nitya Ravichandra, Associate; and Nishama Bhandari, Consultant.
The financing due diligence was led by Lakshmi Prakash, Partner.
The employment due diligence was led by Bishen Jeswant, Partner; with support from Akash Mishra, Principal Associate; and Shivika Gupta, Associate.
The litigation due diligence was led by Sharan Kukreja, Partner; with support from Tanisha Sunil Kumar, Principal Associate – Designate; Abhijna Somashekara, Senior Associate; Prashasthi Bhat, Senior Associate; Ajay TK, Associate; Lolita Crasta, Associate; Soundarya Rajagopal, Associate; and B Noor Ghousia, Associate.
The regulatory due diligence was led by Ashwin Sapra, Partner; with support from Kartik Jain, Principal Associate; Kritika Asawa, Senior Associate; and Bhavya Kansara, Associate.
Pranav Sharma, Partner; Sangita John, Partner; and Hariharan Kumar, Partner, assisted on financing related aspects of the transaction.
Avaantika Kakkar, Partner; Dhruv Rajain, Partner; with support from Rajat Sharma, Senior Associate; Vanya Agarwal, Associate; Pushkar Singh, Associate; and Ria Vora, Associate, assisted on competition related aspects of the transaction.
Amita Gupta Katragadda, Partner; Shaishavi Kadakia, Partner; with support from Pratyush Khanna, Principal Associate; Nayani Agarwal, Senior Associate and Naomi Manoj, Associate, assisted on certain other legal aspects of the transaction.
Trilegal advised Ontario Teachers' on the transaction.
The Trilegal Corporate team was led by Partners Sanjam Arora and Vishal Sagar.
They were supported by Pallavi Banerjee (Partner, Banking & Finance), Kunal Shah (Partner, Real Estate), Gauri Chhabra (Partner, Competition) and Kanishka Maggon (Partner, Labour & Employment)
Latham & Watkins also advised Ontario Teachers' on this stake sale.
The transaction was led by Singapore partners Sidharth Bhasin, Michael Rackham, and Timothy Hia, with Singapore associates Andrew Lee, Chaitrika Bellana, Elisabeth Su-Li Ong, and Rebecca Wen Pei Han, and Hong Kong associate Yun Cao.
Advice on tax matters was provided by London partner Simon Skinner, with London associate Thomas O’Malley.
The Firm had advised Ontario Teachers' on the acquisition of this stake, back in 2022.
Ontario Teachers' Pension Plan is a major global investor with a substantial portfolio. As of December 31, 2023, it held net assets of $247.5 billion. This Canadian pension fund invests globally across a wide range of assets, including public and private equities, real estate, infrastructure, and fixed income.
They had acquired a significant majority stake in Sahyadri Hospitals Group in 2022.
Sahyadri Hospitals Group is the largest private hospital chain in the state of Maharashtra. Headquartered at Pune, the hospital chain has 11 hospitals and over 1,400 beds. They offer a wide range of medical services and are known for their expertise in various specialties, including neurosciences, cardiology, oncology, and orthopedics.
Manipal Hospitals is one of India's leading multi-speciality healthcare providers operating a network of 33 hospitals across the country.
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