TPG Growth acquires 28% stake in Asiri Hospitals from Actis for Rs.7.6bn

11 December 2015 05:20 am - 0     - {{hitsCtrl.values.hits}}

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TPG Growth, the middle market and growth-equity investment platform of leading global private investment firm TPG, bought a 27.87 percent stake in Asiri Hospitals Holdings PLC yesterday for 
Rs.7.61 billion.

The transaction was carried out as an on-market deal with Actis, a leading emerging markets private equity investor, selling over 317 million shares it held of Asiri Hospitals at Rs.24 per share.
As at September 30, 2015, the net asset value per share of Asiri Hospitals stood at Rs.5.94. 
TPG Growth in a stock exchange filing said prior to this acquisition, it held over 11 million shares of Asiri Hospitals and with that its total holding in the hospital company amounts to 28.86 percent. 
Meanwhile, this is not TPG’s first foray into the country, as it bought a 75 percent share of Union Bank Colombo PLC for US$ 117 million last year. 
“We’ve seen significant growth opportunities in healthcare across the globe, and particularly in Asia as individuals increasingly choose private medical treatment for the quality of care offered by these institutions,” Senior Healthcare Advisor for TPG Growth in Asia Vishal Bali, who will be joining the Asiri board, said.

“Asiri’s management team is addressing this demand in Sri Lanka in a very meaningful way. We look forward to partnering with the company to support their growth and help them continue this momentum,” he added.
Established in 1980, Asiri has a network of four hospitals representing 30 percent of the private healthcare market in Sri Lanka. 
“Actis has been an excellent partner for us over the last few years, and we now look forward to partnering with TPG Growth as we look to further our market-leading position as a world class healthcare provider in Sri Lanka,” Chairman/MD Softlogic/Asiri groups Ashok Pathirage said. 
Actis first invested in Asiri in October 2012 and, according to Asanka Rodrigo, Partner at Actis, the company has grown considerably and expanded its operations.
“This partnership will provide new and diverse experience to the board as well as access to TPG’s global network making significant investments in the healthcare sector. This partnership will help us continue to build our business as well as expand and upgrade operations in Sri Lanka and, perhaps, in other regions in Asia,” Pathirage noted. 
Asiri recently expressed interest in purchasing shares of the state-controlled Lanka Hospital Corporation PLC.


TPG Growth...
“Asiri’s management team is addressing this demand in Sri Lanka in a very meaningful way. We look forward to partnering with the company to support their growth and help them continue this momentum,” he added.
Established in 1980, Asiri has a network of four hospitals representing 30 percent of the private healthcare market in Sri Lanka. 
“Actis has been an excellent partner for us over the last few years, and we now look forward to partnering with TPG Growth as we look to further our market-leading position as a world class healthcare provider in Sri Lanka,” Chairman/MD Softlogic/Asiri groups Ashok Pathirage said. 
Actis first invested in Asiri in October 2012 and, according to Asanka Rodrigo, Partner at Actis, the company has grown considerably and expanded its operations.
“This partnership will provide new and diverse experience to the board as well as access to TPG’s global network making significant investments in the healthcare sector. This partnership will help us continue to build our business as well as expand and upgrade operations in Sri Lanka and, perhaps, in other regions in Asia,” Pathirage noted. 
Asiri recently expressed interest in purchasing shares of the state-controlled Lanka Hospital Corporation PLC.
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