ADIA Pumps $200 Mn into Meril, Valuing Indian MedTech Major at $6.6 Bn

In a big move in India’s MedTech space, the Abu Dhabi Investment Authority (ADIA) is investing USD 200 million for a ~3% stake in Meril, a leading medical devices firm based in Vapi, Gujarat. This values Meril at a whopping USD 6.6 billion.

Meril, founded by the Bilakhia Group, is known for its cutting-edge innovations in cardiovascular devices, surgical robotics, orthopaedics, and diagnostics. It exports to over 150 countries, employs 13,000+ people, and runs 12 global training academies. The company’s 100-acre campus is powered entirely by renewable energy—a nice touch of sustainability in high-tech healthcare.

This deal, pending approval from the Competition Commission of India, will see Meril backed by two global giants: ADIA and Warburg Pincus. It’s a strong signal of confidence in India’s growing medical manufacturing ecosystem.

With operations in 150+ countries across Asia, Europe, North America, South America, Africa, and Oceania, Meril has built a robust international presence, positioning itself as a key player in the global MedTech landscape.

Meril has 100-acre campus in Vapi, India, with vertically integrated R&D and manufacturing facilities.

Qlik Announces Close of Significant Investment Led by ADIA and Thoma Bravo

Qlik®, a global leader in data integration, data quality, analytics, and AI, today announced the close of a previously disclosed significant minority investment led by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). As part of the transaction, Thoma Bravo, a leading software investment firm, remains Qlik’s majority owner and has made a new equity investment alongside ADIA. A select group of institutional investors have also co-invested. The transaction, originally signed in November 2024, has now received all necessary regulatory approvals.

Qlik helps organizations move from AI ambition to execution by turning raw data into trusted insights and proactive decisions. Through a unified platform that integrates data, analytics, and governance, Qlik provides the foundation enterprises need to scale AI initiatives with confidence. Across industries, customers rely on Qlik to stay agile in the face of market shifts, global disruptions, and unexpected challenges.

“Support from Thoma Bravo and a long-term investor like ADIA reinforces the strength of our strategy and the results we’re delivering,” said Mike Capone, CEO of Qlik. “In a market full of AI ambition, Qlik stands out for execution—helping enterprises move fast, act with trust, and turn data into confident decisions. This investment enables us to stay focused and scale that impact.”

“Qlik has consistently executed against one of the most important challenges facing modern enterprises: turning data and AI into real business outcomes,” said Seth Boro, a Managing Partner at Thoma Bravo. “Our continued majority ownership and additional investment reflect our conviction in Qlik’s platform, its performance, and its ability to scale meaningful impact for customers worldwide.”

“Enterprises around the world are moving from experimentation to execution with AI, and that shift is accelerating demand for trusted, scalable solutions,” said Mike Hoffmann, a Partner at Thoma Bravo. “Qlik is uniquely positioned to meet this moment—at the intersection of data integration, governance, and analytics—making it a clear fit with our long-term thesis around mission-critical enterprise software. We’re proud of the significant growth Qlik has achieved since we took the company private in 2016 and are excited to continue this momentum with Mike and ADIA.”

Building on its recent acquisition of Upsolver and its advancements in agentic AI solutions and conversational analytics, Qlik continues to expand its unified platform for trusted, scalable AI. As enterprises invest in AI while seeking to lower costs and maintain trust across the AI value chain, Qlik is increasingly the partner of choice—enabling faster execution with open architectures, governed data, and timely insights.

Guggenheim Securities LLC served as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Thoma Bravo and Qlik. Evercore served as financial advisor and Gibson, Dunn & Crutcher LLP served as legal advisor to ADIA.

About Thoma Bravo

Thoma Bravo is one of the largest software-focused investors in the world, with over US$179 billion in assets under management as of December 31, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo's deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 520 companies representing approximately US$275 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo's website at thomabravo.com.

About Abu Dhabi Investment Authority

Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.

About Qlik

Qlik converts complex data landscapes into actionable insights, driving strategic business outcomes. Serving over 40,000 global customers, our portfolio provides advanced, enterprise-grade AI/ML, data integration, and analytics. Our AI/ML tools, both practical and scalable, lead to better decisions, faster. We excel in data integration and governance, offering comprehensive solutions that work with diverse data sources. Intuitive analytics from Qlik uncover hidden patterns, empowering teams to address complex challenges and seize new opportunities. As strategic partners, our platform-agnostic technology and expertise make our customers more competitive.

UAE's ADIA in Early Talks to Buy Indian Govt's Stake in Vodafone Idea

The Abu Dhabi Investment Authority (ADIA) is reportedly in early discussions to acquire the Indian government's stake in Vodafone Idea (VI). This move is part of ADIA's broader strategy to expand its investments in the Indian market. The Indian government currently holds a significant stake in Vodafone Idea, which it acquired through a debt-to-equity conversion to support the financially struggling telecom company.

This potential acquisition aligns with ADIA's recent investment activities in India, including stakes in various sectors such as retail and security. The talks are still at an initial stage, and the outcome will depend on several factors, including the valuation of the stake and the broader economic context.

ADIA, along with the Qatar Investment Authority, Singapore’s Temasek, are some of the sovereign funds, which have been sounded out, according to a report by Financial Express.

Vodafone Idea had said that it is up to the Centre to decide what it wishes to do about its holding, and that the company has had no communication from them on the matter.

The Abu Dhabi Investment Authority (ADIA) has been actively investing in India across various sectors. ADIA recently invested $8 million in FirstCry, a leading Indian retail platform for baby products, ahead of its IPO.

ADIA also plans to set up a $4-5 billion fund in India through GIFT City in Gujarat. This fund will focus on investments in Indian and foreign equities, debt securities, and other assets.

Besides, ADIA is part of a consortium that submitted a bid to acquire a controlling stake in Haldiram's, a popular Indian snacks business, valuing it at up to $8.5 billion.

ADIA has also made significant investments in India's retail and security sectors, reflecting its confidence in the country's economic growth and potential.

These investments highlight ADIA's strategic focus on India as a key market for growth and diversification.