Fortis Healthcare acquires Singapore arm for $665 million
01 November 2011
Hospital chain Fortis Healthcare Ltd today said that it will acquire its Singapore-based arm Fortis Healthcare International for $665 million, in cash.
As part of consolidating its domestic and global operations, Delhi-based Fortis had, in September, announced plans to acquire its international subsidiary from a firm owned by its billionaire promoters, Malvinder and Shivinder Singh.
Independent valuation agency Haribhakti & Co, an affiliate of BDO International, which was hired to present a fair value of the company, had valued Fortis Healthcare International at $695.7 million.
However, the promoters agreed to offer their investment in Fortis Healthcare International for $665 million.
Fortis Healthcare International has multi vertical presence in the Asia Pacific region, including primary healthcare, specialty day care healthcare, hospitals and diagnostics.
Fortis Healthcare International owns Quality Healthcare Ltd, the largest primary care network in Hong Kong with 580 centers, Dental Corporation Pty Ltd, the largest dental care network in Australia and New Zealand with 174 centers, Fortis Speciality Hospital, an under construction specialty hospital in Singapore, a stake in 350-bed Lanka Hospitals Corporation, and the largest private pathology laboratory in the UAE.