Khaitan & Co advises Everstone Group and key promoters of Sahyadri Hospitals Group on their agreement to sell a significant majority stake in Sahyadri Hospitals Group to Ontario Teachers’ Pension Plan Board

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HEADINGS

DETAILS

Sector

Hospitals and Health Care Facilities

Announcement Date

16-Aug-2022

Name of Client

Sahyadri Hospitals Private Limited

Deal Description

Khaitan & Co advised Everstone Group and key promoters of Sahyadri Hospitals Group on their agreement to sell a significant majority stake in Sahyadri Hospitals Group to Ontario Teachers’ Pension Plan Board. Sahyadri Hospitals Group is the largest private hospital chain in the state of Maharashtra.

Everstone Group along with a group of key management and founders will retain minority stakes in the company. Closing of the transaction is subject to customary closing conditions.

Total Consideration

The deal value is unavailable

Team Members

The core team consisted of Bharat Anand (Partner), Aditya Patni (Partner), Kevin Peter (Principal Associate), Srikant C.V. (Principal Associate), Tanima Tandon (Principal Associate) with assistance from the following:
Employment law related aspects for the vendor due diligence: Anshul Prakash (Partner), Abhinav Rastogi (Counsel), Deeksha Malik (Senior Associate)
Real estate related aspects of the transaction: Harsh Parikh (Partner), Amit Wadhwani (Counsel), Shivom Sharma (Associate)
Debt-financing related aspects: Rolwine Alva (Partner), Savni Tewari (Principal Associate)
Vendor due diligence: Bharat Anand (Partner), Aditya Patni (Partner), Kevin Peter (Principal Associate), Nikita Bhuwania (Principal Associate), Tushar Bakshi (Associate)

Role of Firm

Khaitan & Co advised Everstone Group and key promoters of Sahyadri Hospitals Group on their agreement to sell a significant majority stake in Sahyadri Hospitals Group to Ontario Teachers’ Pension Plan Board. Sahyadri Hospitals Group is the largest private hospital chain in the state of Maharashtra.

Financial Advisors

Rippledot Capital Advisers Pte Ltd, Price Waterhouse & Co LLP, Ernst & Young LLP

Other legal advisors if any with names of Lead Lawyers

Ontario Teachers’ Pension Plan Board was advised by Latham & Watkins and Trilegal. The Latham team was led by Singapore partner Sidharth Bhasin, with associates Bing Xi Sia and Heidi Lui. Advice was also provided on finance matters by Singapore partner Timothy Hia, with associates Tian Lin and Yun Cao. The Trilegal team was led by partners, Harsh Pais, Sanjam Arora with counsel Vishal Sagar.

Press Coverage

https://www.livemint.com/companies/news/ontario-teachers-to-pick-up-stake-in-sahyadri-hospitals-from-everstone-11660711414412.html

https://economictimes.indiatimes.com/industry/healthcare/biotech/healthcare/canadian-fund-ontario-teachers-pension-plan-board-to-acquire-sahyadri-hospitals/articleshow/93609001.cms

https://www.msn.com/en-in/finance/topstories/canadas-otppb-to-acquire-controlling-stake-from-everstone-in-sahyadri-hospitals/ar-AA10Kdcy

https://www.pehub.com/ontario-teachers-acquires-majority-of-indias-sahyadri-hospitals-group/

https://www.laingbuissonnews.com/healthcare-markets-international-content/india-ontario-teachers-acquires-majority-stake-in-sahyadri-from-everstone/