CCI approves acquisition of stake in Asian Institute of Nephrology and Urology

The proposed combination relates to the acquisition of fresh Redeemable Preference Shares (New RPS) in AHH by TPG Growth V SF Markets and Waverly 

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

The proposed combination relates to (a) the acquisition of fresh Redeemable Preference Shares (New RPS) in Asia Healthcare Holdings (AHH) by TPG Growth V SF Markets (Growth V) and Waverly (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. (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 and 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 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, and other related healthcare services in India. AHH is jointly owned and controlled by the TPG Group and Waverly.

AINU, as a single-speciality centre in South India, focuses 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 (including Secunderabad), Vishakhapatnam, Siliguri, and Chennai.