TPG, Permira emerge as frontrunners in Rs 11,000 crore Cloudnine sale
TPG Capital and Permira are leading contenders for a significant minority stake in Cloudnine. The deal is expected to value India's largest maternity and pediatric hospital chain at approximately ₹11,000 crore. Binding bids are anticipated by mid-August after due diligence is complete. This transaction will facilitate True North's full exit after over a decade of investment. Cloudnine posted…
Mumbai: Private equity giants TPG Capital and Permira are leading contenders to acquire a minority stake in Cloudnine, the top Indian maternity and pediatric hospital chain. The deal is projected to value Cloudnine at approximately ₹11,000 crore ($1.15 billion), according to sources. TPG and Permira are joined by other potential bidders such as Advent International and CVC Capital Partners, among others, as announced in June.
Following the completion of due diligence, binding bids are anticipated in mid-August. The transaction will entail True North's complete exit from Cloudnine after a decade-long investment, and it may involve the issuance of 5-10% new shares to the new investor. True North invested ₹400 crore in Cloudnine back in 2015. Existing major shareholders Temasek and TPG NewQuest are set to maintain their stakes, while the promoter group holds around 10% and the rest is in ESOPs and other shareholders.
Permira, managed by London-based firm Permira, has a healthcare portfolio worth $90 billion, and entered the Indian market in April this year with a $100 million investment in SILA, a business services and real estate platform.
Written by urgent.news from ETHealthworld's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
