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Manipal Hospitals Moves Forward with Medica Synergie Acquisition

12 Mar 2024 , 10:22 AM

Moneycontrol reports that Manipal Hospitals, poised for an initial public offering (IPO) and supported by Dr. Ranjan Pai and the Singaporean investment behemoth Temasek, had begun the process of acquiring a significant majority share in the hospital chain Medica Synergie, located in Kolkata.

Currently ranked as the second-biggest hospital chain in the nation, Manipal Hospitals might become India's largest hospital chain if the aforementioned acquisition goes through and the merged company surpasses Apollo Hospitals, the market leader, in terms of total bed capacity.

"The proposed transaction is nearing completion and is anticipated to be finalised in the upcoming two months. Manipal Hospitals will probably pay between ₹1,200 and ₹1,400 Crore to purchase over 90% of Medica Synergie from Sheares Healthcare and a few other minority shareholders, which includes the remaining doctors and founders. There won't be a merger," the aforementioned report stated.

Temasek's healthcare platform Sheares bought out private equity firm Quadria Capital in December 2021, gaining a majority share in Medica Synergie.

According to a Moneycontrol story from April 17, Sheares Healthcare wants to increase its ownership of Medica to 90% by giving Chairman and important Founder Dr. Alok Roy and associated companies a way out. The deal eventually came to pass.

The Medica Synergie organisation ran four hospitals as of January, totaling about 1,200 beds.

Sheares will have the chance to withdraw its investment after more than two years under this contract. Depending on how quickly the southern company expands, after Medica joins Manipal, its total bed capacity is probably going to surpass that of Apollo Hospitals " the report stated.

Manipal Hospital is the second largest chain in the country with about 9,500 beds, according to its website. With Medica added, that figure would rise to 10,700.

In contrast, Apollo Hospitals could accommodate 9,957 beds in total as of March 31, 2023. According to the firm's top management, reports from January put the number at 10,000 beds, with plans to add 2,000 beds over the next three years.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Manipal Hospitals
  • Medica Synergie
  • Temasek
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