Cloudnine Hospitals deal: Permira, TPG enter at $1.3 billion
The Cloudnine Hospitals deal changes the chain’s ownership
Permira and TPG Capital have acquired stakes in Cloudnine Hospitals from early investors True North and TPG NewQuest in a $450 million secondary transaction, valuing the maternity and childcare chain at about $1.3 billion. The transaction was reported on 29 Sep 2026 and remains subject to regulatory approvals.
Permira has acquired True North’s 25% stake in a $250 million transaction. TPG, through its buyout fund, has bought TPG NewQuest’s holding in a deal valued at $150-180 million. In a secondary transaction, shareholders sell their stakes to other existing or new investors, and no new capital is injected into Cloudnine.
Once the transaction is completed, Cloudnine will prepare for a public listing over a 24-36 month horizon.
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What Cloudnine Hospitals does
Founded in 2006, Cloudnine is a chain of single-speciality hospitals catering to mother and baby care. Its services include fertility, maternity care, gynaecology, paediatrics, neonatology, baby care and stem cell banking.
The Bengaluru-based company has about 40 centres across north and south India, spanning 13 cities. It also agreed earlier this year to acquire the maternity, childcare and fertility businesses of Apollo Health & Lifestyle in a cash-and-stock transaction valued at about $160 million.
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