Latham & Watkins Advises Ontario Teachers’ on Sale of Majority Stake in Sahyadri Hospitals.
Latham & Watkins LLP has advised the Ontario Teachers’ Pension Plan Board (Ontario Teachers’) on the sale of its majority stake in Sahyadri Hospitals Group to Manipal Hospitals, one of India’s leading healthcare providers backed by global investment firm Temasek.
Ontario Teachers’ originally acquired a controlling interest in Sahyadri in 2022. Over the past three years, the organization has supported Sahyadri’s transformation into one of Maharashtra’s largest hospital networks, with 11 hospitals and over 1,400 beds. Latham & Watkins also advised Ontario Teachers’ on its initial acquisition of Sahyadri.
During the investment period, Sahyadri expanded significantly through organic growth and strategic acquisitions. Ontario Teachers’ invested more than INR 900 crore to strengthen infrastructure, enhance clinical capabilities, modernize equipment, and extend Sahyadri’s footprint into smaller cities.
The platform now delivers high-quality quaternary care across Maharashtra and surrounding regions.
The stake has been acquired by Manipal Hospitals, which serves over 7 million patients annually. The healthcare group is backed by Temasek, the Singapore-based investment firm with a portfolio value of US$324 billion as of March 31, 2025. The transaction is subject to customary regulatory approvals.
Deepak Dara, Senior Managing Director and Head of India at Ontario Teachers’, said: “Healthcare is a key investment theme for us globally and in India. Drawing on our global experience and playbook of investing in healthcare services, we saw the potential to build on Sahyadri’s strong brand to create a regional healthcare leader."
Rahul Mukim, Managing Director of Private Capital at Ontario Teachers’, added: “Our partnership with Sahyadri over the past three years has been focused on unlocking long-term value – investing behind key specialties and medical technology, expanding reach across the state and building institutional processes to strengthen the platform."
"I would like to thank Abrarali Dalal, the management team and the clinicians and doctors at Sahyadri for their partnership and wish them every success in their next chapter with Manipal. ”
Abrarali Dalal, Managing Director and CEO of Sahyadri Hospitals, commented: “When Ontario Teachers’ invested, our intention was to create a formidable regional player with the infrastructure, medical equipment and clinical excellence to enable high-quality medical care in cities across the region."
"Backed by strong shareholder support, we’ve been able to invest over INR 900 crores since 2022, leveraging our combined expertise to drive the transformation of Sahyadri. We’ve enjoyed a great partnership with the Ontario Teachers’ team and are optimistic about the platform’s continued positive impact on healthcare delivery.”
Ontario Teachers’ was supported by Jefferies and Alvarez & Marsal as financial advisors, Latham & Watkins and Trilegal as legal counsel, and EY for accounting, tax, and commercial due diligence.
The Latham & Watkins team was led by Singapore partners Sidharth Bhasin, Michael Rackham, and Timothy Hia, with support from associates in Singapore, Hong Kong, and London. Tax advice was provided by London partner Simon Skinner and associate Thomas O’Malley.
Latham & Watkins LLP is a leading global law firm known for its expertise in corporate, litigation, and transactional law. With over 2,000 attorneys in 14 countries, the firm advises clients across a wide range of industries, including technology, healthcare, finance, and energy. Founded in 1934, Latham & Watkins is renowned for its work with emerging companies, offering legal solutions for startups and growth-stage businesses. The firm’s Emerging Companies & Growth team helps navigate complex legal matters related to business formation, financing, and scaling, making it a trusted partner for innovative companies worldwide.
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