Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  25.03.2022  
C(2022 ) 2016 final  
PUBLIC VERSION  
Waverly Pte. Ltd.  
168 Robinson Road  
#37-01 Capital Tower  
Singapore 068912  
 
TPG Growth III SF PTE. Ltd.  
83 Clemenceau Avenue                          
#11-01, UE Square                                                
Singapore 239920  
Subject : Case M. 10665 – WAVERLY / TPG / ASIA HEALTHCARE HOLDINGS  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 2 March 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulation by which  Waverly Pte. 
Ltd. (‘Waverly’, Singapore), ultimately controlled by the GIC Group, and TPG 
Growth III SF PTE. Ltd. (‘TPG’, United States),  will acquire within the meaning of 
Article 3(1)(b)  and 3(4)  of the Merger Regulation joint  control over the whole of Asia 
Healthcare Holdings Private Limited (‘AHH’, Singapore), ulti mately controlled by 
TPG by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 Waverly: nominated investment vehicle of the GIC Group, with investments 
across a variety of sectors globally. GIC Group manage s a diversified global 
portfolio of investments in private equity, venture capital and infrastructure funds, 
as well as direct investments in private companies,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 114, 10.03.2022 , p. 8. 

2  TPG: investment firm that manages a family of funds that invests in a variety of 
companies thro ugh acquisitions and corporate restructurings,  
 AHH: operating an investment platform focused on single -specialty healthcare in 
India. AHH’s activities comprise two core businesses: (i) Motherhood, a specialty 
hospital chain offering premium maternity, chil dren and fertility healthcare 
services across India; and (ii) Nova IVF, a dedicated provider of IVF and fertility 
solutions in India.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) and 5(b) of the Commission Notice on a simplified procedure for 
treatment of certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .