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Healthcare & Life Sciences

DATE December, 2015
TYPE M&A

Global Hospitals – Majority stake acquired by IHH Healthcare Berhad

About

Global Hospitals

Global Hospitals

Promoted by Dr K Ravindranath, Global Hospitals is one of the leading multi super speciality tertiary care chains of hospitals across key metros viz. Chennai, Mumbai, Hyderabad and Bangalore. Equipped with India’s largest Multi-Organ Transplant Centre and the country’s foremost team of experts in a host of specialties, Global Hospitals has now evolved into a clinical powerhouse giving a new lease of life to many patients battling with end-stage diseases.

IHH

IHH is Asia’s largest integrated private healthcare group with a network of 38 hospitals and more than 7,000 beds across Asia, including Singapore, Malaysia, Brunei, Turkey, India, China, Vietnam, UAE, Macedonia and Iraq.

In Singapore, Parkway Pantai is the largest private healthcare provider and operates Mount Elizabeth Novena Hospital, Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital – all accredited by Joint Commission International (JCI). In Malaysia, Parkway Pantai operates over 2,000 beds across a network of 12 multi-disciplinary hospitals under the “Pantai” and “Gleneagles” brands.

Background

We are pleased to announce a landmark transaction in the Indian Healthcare Industry. IHH Healthcare Berhad (the second largest hospital chain in the world) through its 100% subsidiary Parkway Pantai Limited (“IHH”) has acquired a majority stake in our client Global Hospitals (Ravindranath GE Medical Associates Private Ltd) for an investment of approx. USD 200m making it the largest transaction in the healthcare delivery space in India.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to Global Hospitals, its promoters and shareholders in the transaction. VedaCorp provided comprehensive transaction advisory services covering identification of prospects, strategic positioning, valuation and transaction structuring, assistance in due diligence, negotiation and finalization of definitive agreements, leading to the successful closure of the transaction.
Apart from providing an exit to Indivision India Partners (Everstone), a leading Private Equity Fund and a clutch of Ultra HNIs, IHH has also infused fresh equity capital into the Company for funding its expansion plans.
VedaCorp holds the distinction of having crafted three of the largest transactions in Indian Healthcare in 2015 – the other two being sale of Dr GSK Velu’s stake in Metropolis Healthcare Ltd to The Carlyle Group and Divestment of majority stake in Hyderabad-based Continental Hospitals to IHH.
This also marks our 21st transaction in the healthcare domain and our 14th cross border M&A transaction.