CAM, AZB on Fortis demerger into Manipal

Wednesday, 28 March 2018 By Legally India Corporate M&A

“Fortis Healthcare announced the sale of its hospital assets to Manipal Health Enterprises and buyout firm TPG Capital. The Fortis Healthcare board has also approved the sale of its 20% stake in SRL Diagnostics to Manipal Hospitals. The resultant entity, Manipal Hospitals, will be a publicly traded company listed on NSE and BSE, Fortis Healthcare said in a statement. Fortis Healthcare will become an investment holding company with a 36.6% stake in SRL Diagnostics,” reported Mint.

“As part of the proposed transaction, Manipal promoter Dr Ranjan Pai and TPG Capital will invest Rs3,900 crore into Manipal Hospitals,” the Mint report added.

Cyril Amarchand Mangaldas Mumbai-based managing partner Cyril Shroff, Bangalore-based partner Nivedita Rao, and Mumbai-based partner Ruetveij Pandya, acted for Fortis Healthcare. Delhi corporate partner Rohil Vashisht advised on representations, warranties and the disclosure letter, while Delhi-based corporate partner Gyanendra Kumar and Mumbai-based corporate partner Pranay Chandran advised on withdrawal of the SRL demerger scheme and the composite scheme. The team also included principal associate Aditya Prasad and associates Rajlakshmi Natarajan, Sakshi Tandon and Abhinav Chandra. Competition law advice was led by Mumbai-based competition law partner Anshuman Sakle, and advice in relation to inter-se rights and obligations of Manipal and TPG was led by Bangalore-based corporate partners Reeba Chacko and Anand Jayachandran.

AZB & Partners partners Ashwin Ramanathan and Harsh Maggon and senior associates Molla Hasan and Pooja Singhania and associate Aashna Kothari acted for Manipal Health Enterprises and TPG Capital.

TPG Capital and Manipal Hospitals also drafted in Cleary Gottlieb on non-Indian laws.

Update: AZB and CAM deal teams updated.

Comments

jewel of the crown 28 Mar 2018, 12:57

+1 -2

shocking to see cam team. other than nivedita no second line with relevant pe experience.

Haain!!! 28 Mar 2018, 13:14

+4 -0

Tau yeh to M&A hai not PE!!! Also isnt Harsh way junior to Cyril / Nivedita. Humara ek unka paanch.

Easily shocked? 30 Mar 2018, 06:03

+0 -0

Your " shock" is ignorant at multiple levels. Firstly, thIs is not a PE deal. Secondly, Both Pranay and Ruetveij are very experienced M&A lawyers. Proving once again that CAM trolling only attracts people with little or no industry knowledge.

Guest 28 Mar 2018, 13:51

+6 -3

But Harsh packs a punch. Way better than a lot of senior partners out there

Guest 28 Mar 2018, 14:05

Yeh cam ki army and azb ke teen lawyers!!

Guest 28 Mar 2018, 14:55

+16 -3

Go Pooja! Great show. Really happy to see your name on this deal.

Guest 28 Mar 2018, 14:58

+13 -3

Pooja, you rockstar!

jewel of the crown 28 Mar 2018, 16:02

+2 -0

noone second line has serious M&A experience as well. must have been cyril and nivedita fully driving it. wow. incredible.

Competitors 28 Mar 2018, 16:22

+2 -1

AZB does not have a senior partner on a deal this size? Shocking. Well done CAM for your fire power.

NLS 2001 28 Mar 2018, 17:14

+1 -1

CAM Bombay does not have any M&A lawyers apart from Shishir and Cyril.

Not fair 29 Mar 2018, 07:34

+2 -3

There is ravi kumar who is an outstanding lawyer, but not given his due by the management, as he refuses to suck up

True and false 30 Mar 2018, 06:06

+3 -2

No Ravi does not suck up. But equally, Ravi does get his due. He's regularly tossed some of the best deals in the firm by the Shroff. For a purely executing partner with no book of his own, I'm not sure what else is due

Guest 28 Mar 2018, 17:24

Go Chandra!!!

Guest 28 Mar 2018, 17:58

+17 -11

Guys, to clarify this deal was single handedly managed by AZB and Harsh was instrumental in making it happen.
PS. Pooja you are the best senior ever..

Japanese 30 Mar 2018, 08:34

+8 -0

Daiichi ke 3500 crores kab milenge?

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