Fortis folds in Singapore arm for $665 million

Fortis Healthcare (India) Ltd on Tuesday announced that it will acquire Singapore-based Fortis Healthcare International Pvt Ltd, an entity run by the company’s founders Malvinder and Shivinder Mohan Singh, for $665 million or about Rs 3,300 crore. HT reports.

Fortis Healthcare (India) Ltd on Tuesday announced that it will acquire Singapore-based Fortis Healthcare International Pvt Ltd, an entity run by the company’s founders Malvinder and Shivinder Mohan Singh, for $665 million or about Rs 3,300 crore.

The move marks the consolidation of the promoters’ healthcare business under single entity. The new entity will have presence in 10 countries with a network of 74 hospitals, 12,000 beds and a pool of 23,000 employees in the Asia Pacific region.

“This is a transformational transaction for Fortis and a key step towards, fulfilling our vision of creating a leading integrated healthcare provider,” said Malvinder Mohan Singh, group chairman of Fortis Healthcare.

A body of independent directors have given a valuation of $695.7 or about Rs 3,500 crore on the basis of recommendation by Haribhakti and Co. But the promoters offered their investment at a price of $665 million.