Manipal Hospitals Nears Acquisition of Majority Stake in Medica Synergie for INR 1,200-1,400 Crore
Written by Arushi Sharma
IPO-bound Manipal Hospitals is finalizing a deal to acquire a majority stake in Medica Synergie, making the combined entity a potential leader in bed capacity, surpassing Apollo Hospitals.
IPO-bound Manipal Hospitals, backed by Singapore's Temasek and billionaire Dr. Ranjan Pai, is in the final stages of negotiations to acquire a significant majority stake in Kolkata-based hospital chain Medica Synergie.
If the transaction proceeds, it could potentially make the combined entity the largest hospital chain in India, surpassing current market leader Apollo Hospitals in total bed capacity.
The negotiations are at an advanced stage, and the deal is expected to be finalized within the next two months. The proposed acquisition is not a merger, and Manipal Hospitals is likely to pay between INR 1,200 to 1,400 crore to acquire over 90% of the stake in Medica Synergie.
The shares will be acquired from Sheares Healthcare and other minority shareholders, including remaining founders and doctors.
In December 2021, Temasek's healthcare platform, Sheares, acquired a majority position in Medica Synergie by purchasing the stake held by private equity firm Quadria Capital.
The current negotiation includes Sheares Healthcare raising its stake to 90% by providing an exit to Chairman & key Founder Dr. Alok Roy and related entities. The transaction is expected to be completed in the coming months.