According to three people with knowledge of the situation, Temasek Holdings-owned Sheares Healthcare India has made the highest offer for TPG Inc.'s almost 21% holding in Manipal Health Enterprises Pvt Ltd. A merger would value the hospital network at more than $4 billion
Manipal's FY22 sales and EBITDA were at Rs 4000 crore and Rs 970 crore, respectively. At 15% growth assumption for both sales and EBITDA, the deal would value Manipal at 25x FY24 EV/EBITDA and 6x EV/sales
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