Manipal snaps up Fortis Healthcare

TPG Capital-backed Manipal Health Enterprises has closed the deal with Fortis Healthcare.

A marathon Board meeting at Fortis Healthcare continued till Tuesday night to finalise the contours of the complicated two-step deal.

Sources said that TPG Capital will finance the acquisition through MHE. The deal includes SRL Diagnostics, which is under Fortis Malar Hospitals — a separate listed entity.

According to Bloomberg, the TPG-backed investor group is in negotiations to acquire stakes in SRL Diagnostics from private-equity investors who hold about 30% of the company.

The deal could value SRL in the range of Rs.3,400 crore to Rs.4,000 crore for a 51% stake in the diagnostics business.

Eventually, both the hospital chains will merge, giving MHE a pan-India presence and also an edge over its rival.

The new promoters of Fortis Healthcare shall not be held responsible for the any discrepancies and anomalies done till now.

Singh brothers, the promoters of the hospital network are under scrutiny for allegedly siphoning of Rs.473 crore without Board’s consent.

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