The Competition Commission of India (CCI) has approved acquisition of stake in Asian Institute of Nephrology and Urology Private Limited by TPG Growth V SF Markets Pte. Ltd. and Waverly Pte. Ltd. through Asia Healthcare Holdings Pte. Ltd.

The proposed combination relates to (a) the acquisition of fresh Redeemable Preference Shares (New RPS) in Asia Healthcare Holdings Pte. Ltd. (AHH) by TPG Growth V SF Markets Pte. Ltd. (Growth V) and Waverly Pte. Ltd. (Waverly) (Part I), and (b) subsequent acquisition of majority shareholding in Asian Institute of Nephrology and Urology Private Limited (AINU) by AHH (Part II).

Growth V is an investment fund that is ultimately managed and controlled by TPG Inc. (TPG), which is a global, diversified investment firm. TPG is the ultimate holding company of the TPG Group, which operates through multiple strategies including buyout/control situations, growth & technology investing, and impact investing (including climate) across multiple sectors such as financial services, technology, consumer, travel, media, real estate, and healthcare. The TPG Group also has a controlling stake in NewQuest Capital, another private equity investment firm having investments across multiple sectors such as financial services, travel, and real estate.

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

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, and other related healthcare services in India. AHH is jointly owned and controlled by the TPG Group and Waverly.

AINU, as a single-specialty center in South India, focuses on providing healthcare services through hospitals, specializing 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 (including Secunderabad), Vishakhapatnam, Siliguri, and Chennai.

Detailed order of the CCI will follow.

Competition approval: acquisition of healthcare provider stake cleared via staged investment and subsequent majority acquisition. The Competition Commission of India approved a proposed combination in which TPG Growth V SF Markets Pte. Ltd. and Waverly Pte. Ltd., via Asia Healthcare Holdings Pte. Ltd., will subscribe for fresh redeemable preference shares in AHH and AHH will thereafter acquire a majority shareholding in Asian Institute of Nephrology and Urology Private Limited, a single-specialty provider of urology, nephrology, dialysis and transplant services in South India. The parties include a TPG-managed investment fund, a GIC-related special purpose vehicle, and a Singapore-based healthcare holding company; detailed CCI order will follow.