Mumbai, Sept. 29 -- Permira and TPG Capital have acquired stakes in Cloudnine Hospitals from early investors True North and TPG NewQuest in a $450 million secondary transaction at a valuation of about $1.3 billion, two people familiar with the matter said.

Permira has acquired True North's 25% stake in a $250 million transaction, while TPG through its buyout fund has bought TPG NewQuest's holding in a $150-180 million deal, the people said.

In a secondary transaction, shareholders sell their stakes to other existing or new investors, and no new capital is injected into the company.

TPG NewQuest is a secondary private equity platform focused on the Asia-Pacific region, wholly owned by TPG.

The transaction is still subject to regulatory...