Fortis Healthcare India To Acquire Fortis Healthcare International For US$ 665mn
Posted on: 01/Nov/2011 6:15:21 AM - No. of views : (2829)
Further to the earlier announcement on September 19, 2011 wherein Fortis Healthcare India Ltd (�Fortis Healthcare India�) had agreed to acquire Fortis Healthcare International Pte Limited (�Fortis Healthcare International�), the Board of Directors of Fortis Healthcare India has agreed to acquire 100% of Fortis Healthcare International from RHC Financial Services Mauritius Limited, for a purchase consideration of US$ 665mn.
A valuation of US$ 695.7 mn was recommended by a Committee of Independent Directors (�Independent Committee for International Consolidation�) on the basis of fair value recommendation by Haribhakti & Co (an affiliate of BDO International), an Independent Valuation Agency, appointed for the purpose. However, the Promoters agreed to offer their investment in Fortis Healthcare International at a price of US$ 665 mn.
The acquisition will be subject to relevant regulatory approvals in certain jurisdiction and is expected to be completed by mid-December 2011.
This acquisition gives Fortis Healthcare India a dominant position in the rapidly evolving healthcare delivery marketplace in Asia Pacific and also provides it the opportunity to be a leader in different healthcare verticals in key geographies besides India. The combined entity becomes one of the largest and the fastest-growing integrated healthcare delivery networks in the globe�s highest evolving markets. Besides, it also provides Fortis Healthcare India the bandwidth to compete effectively with the other healthcare provider groups that are expanding in the region.
Fortis Healthcare International has created a network in nine countries and is one of the fastest growing integrated healthcare delivery networks in Asia Pacific. It has a multi-vertical presence in primary healthcare, day care speciality healthcare, hospitals and diagnostics and its global assets include:
Dental Corporation: The largest dental care network in Australia & New Zealand with 177 centers
Quality Healthcare Ltd: The largest primary care network in Hong Kong with 580 centers
Hoan My Medical Corporation: One of Vietnam�s largest private healthcare provider groups with c. 1,100 beds across 6 hospitals.
Fortis Speciality Hospital: A greenfield specialty hospital in Singapore which will be South East Asia�s first hospital dedicated to colorectal disorders.
Lanka Hospitals : Sri Lanka�s largest super speciality hospital with 350 beds
SRL Dubai: Largest private pathology diagnostics laboratory in UAE.
