CCI Approves Strategic Healthcare Sector Combination Involving TPG and GIC

17 Apr 2025 CW Team

Key aspects of the proposed combination include:

Waverly’s planned subscription to Ordinary Shares and Class F Redeemable Preference Shares in AHH Singapore.

Specific rights for Growth V in AHH Singapore, Rhea, and AHH LLP.

Certain rights for Growth III related to AHH Singapore, specifically concerning AINU and its downstream entities.

Rhea’s acquisition of full ownership of AHH Singapore’s shareholding in AINU (the “AINU Transfer”).

Proposed equity share issuance by Rhea to AHH Singapore as consideration for the AINU Transfer.

Growth III and Growth V are investment funds managed by TPG Inc., a global investment firm. The TPG Group, including its subsidiaries and affiliates, operates primarily in sectors like technology, healthcare, consumer goods, and financial services.

Waverly is a wholly owned subsidiary of Lathe Investment Pte. Ltd., which is in turn wholly owned by GIC (Ventures) Pte. Ltd. Waverly is part of a group of investment holding companies managed by GIC Special Investments Private Limited.

AHH is a Singapore-based company focused on long-term investments in healthcare services across India, particularly in maternal, child, urology, nephrology, and related fields. It is jointly owned by the TPG and GIC groups.

Rhea operates a hospital chain specialising in women’s healthcare and fertility services and is set to merge with Nova Medical Centres Private Limited. Rhea operates in 19 states and 3 union territories in India.

AINU, located in South India, specialises in urology, nephrology, dialysis, and kidney transplants, with a network of seven hospitals across various cities.

AHH LLP provides advisory services to AHH Singapore and its downstream entities in strategy, finance, and operational matters, excluding investment management.

A detailed order from the Commission will follow.

The Competition Commission of India (CCI) has approved a proposed combination involving multiple entities, including Waverly Pte. Ltd., TPG Growth V SF Markets Pte. Ltd., TPG Growth III SF Pte. Ltd., Asia Healthcare Holdings Pte. Ltd. (AHH Singapore), Rhea Healthcare Private Limited, Asia Healthcare Advisory Holdings LLP (AHH LLP), and Asian Institute of Nephrology and Urology Private Limited (AINU). Key aspects of the proposed combination include: Waverly’s planned subscription to Ordinary Shares and Class F Redeemable Preference Shares in AHH Singapore. Specific rights for Growth V in AHH Singapore, Rhea, and AHH LLP. Certain rights for Growth III related to AHH Singapore, specifically concerning AINU and its downstream entities. Rhea’s acquisition of full ownership of AHH Singapore’s shareholding in AINU (the “AINU Transfer”). Proposed equity share issuance by Rhea to AHH Singapore as consideration for the AINU Transfer. Growth III and Growth V are investment funds managed by TPG Inc., a global investment firm. The TPG Group, including its subsidiaries and affiliates, operates primarily in sectors like technology, healthcare, consumer goods, and financial services. Waverly is a wholly owned subsidiary of Lathe Investment Pte. Ltd., which is in turn wholly owned by GIC (Ventures) Pte. Ltd. Waverly is part of a group of investment holding companies managed by GIC Special Investments Private Limited. AHH is a Singapore-based company focused on long-term investments in healthcare services across India, particularly in maternal, child, urology, nephrology, and related fields. It is jointly owned by the TPG and GIC groups. Rhea operates a hospital chain specialising in women’s healthcare and fertility services and is set to merge with Nova Medical Centres Private Limited. Rhea operates in 19 states and 3 union territories in India. AINU, located in South India, specialises in urology, nephrology, dialysis, and kidney transplants, with a network of seven hospitals across various cities. AHH LLP provides advisory services to AHH Singapore and its downstream entities in strategy, finance, and operational matters, excluding investment management. A detailed order from the Commission will follow.

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