TPG exits Parkway for $685 million
TPG Capital has sold its 23.9% stake in Singapore hospital operation Parkway Holdings to Indian healthcare group Fortis Healthcare for $685.3 million.
Fortis will combine Parkway's 16 hospitals across Southeast Asia, as well as India, China and the UAE, with its own 46 Indian hospitals into what is ostensibly Asia's largest regional healthcare provider. Fortis will assume TPG's four board seats at Parkway as part of the transaction.
TPG originally invested in Parkway from 2005 to 2008 for a total commitment of around $358 million, securing roughly a reported 3x return after dividends and borrowings. TPG was advised by Goldman Sachs and RBS, with related company Religare Capital Markets advising Fortis. Under the deal, Fortis will become Parkway's largest single shareholder, just above Malaysia's Khazanah Nasional, but apparently has no plans to seek a majority stake. Fortis Chairman Malvinder Mohan Singh will assume chairmanship of Parkway.
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