With an aim to consolidate all the group's health businesses under one roof, hospital chain Fortis Healthcare (India) has decided to buy Singapore-based sister firm Fortis Healthcare International for $665 million.
Fortis India announced the acquisition in September and appointed an independent committee to value the deal. The committee recommended $695.7 million value but settled for $665 Million after negotiation. The acquisition will be subject to relevant regulatory approvals in certain jurisdiction and the deal is expected to be struck by next month.
Now, the combined entity is expected to have revenue of over $1 billion from 74 hospitals, 580 primary care centres, 188 day-care speciality centres and 190 diagnostic centres. However, some experts are of the opinion that the deal could affect Fortis Healthcare's profits and balance sheet.
Fortis Healthcare International is owned by the billionaire Singh brothers, Malvinder and Shivinder.