CCI approves deal involving TPG growth funds, AINU, Reha Healthcare and other entities

The Competition Commission of India has approved the proposed combination of Waverly, TPG Growth V SF Markets, TPG Growth III SF, Asia Healthcare Holdings (AHH), Rhea Healthcare, Asia Healthcare Advisory Holdings, and the Asian Institute of Nephrology and Urology (AINU).

The proposed combination, inter alia, contemplates:

1. Waverly’s proposed subscription of Ordinary Shares and Class F Redeemable Preference Shares in Asia Healthcare Holdings;
2. Certain rights accruing to Growth V in AHH Singapore and Rhea (including its downstream entities) and AHH;
3. Certain rights accruing to Growth III in AHH Singapore (solely in relation to matters pertaining to AINU and its downstream entities);
4. Proposed acquisition of complete shareholding held by AHH Singapore in AINU, by Rhea (AINU Transfer);
5. Proposed issuance of equity shares by Rhea to AHH Singapore, as a consideration for the AINU Transfer.

Growth III and Growth V are investment funds that are ultimately managed and controlled by TPG, a global, diversified investment firm. TPG, including its subsidiaries and affiliates, is referred to together as the TPG Group. TPG, the ultimate holding company of the TPG Group, is a company listed on NASDAQ. TPG primarily invests in complex asset classes such as private equity, real estate and public market strategies. The TPG Group operates in India through its various investments with a primary focus on sectors such as technology, healthcare, consumer and financial services.

Waverly is a wholly-owned subsidiary of Lathe Investment, which is, in turn, wholly-owned by GIC (Ventures). Waverly is a special purpose vehicle organised as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments.

AHH is a Singapore-incorporated company and is primarily engaged in long-term investment holding activities and through its direct/ indirect subsidiaries, is active in providing healthcare services in the field of maternal, child, urology, nephrology and other related healthcare services in India. AHH Singapore is jointly owned and controlled by the TPG Group and GIC Group.

Rhea is a specialty hospital chain that provides comprehensive women and child care and vitro fertilisation (post consummation of merger with Nova Medical Centers). Rhea currently operates in 19 states and 3 union territories, in India.

AINU, a single-speciality centre in South India, is focused on providing healthcare services through hospitals, specialising in (i) urology care, (ii) nephrology care and (iii) dialysis and kidney transplant. They also provide radiology and pathology services to their patients. It has seven hospitals located across Hyderabad, Vishakhapatnam, Siliguri, Chennai and Secunderabad.

AHH is engaged in the business of providing advisory services in the areas of strategy, finance and other operational matters (excluding investment management, investment advisory or financial advisory services). Currently, AHH solely provides advisory services to AHH Singapore and/or its downstream entities through providing an inside view into the operation and financial control of companies operating in the healthcare sector

Edits made by EH News Bureau