Fortis Healthcare near to close acquisition of Singapore-based group firm

20 Dec 2011 Evaluate

Hospital chain Fortis Healthcare (India), controlled by billionaire brothers Malvinder and Shivinder Singh is near to close the acquisition of Singapore-based group firm Fortis Healthcare International by end-December.

Last month, Fortis Healthcare (India) had announced that it would buy the overseas firm for $665 million.

Moreover, the company is in the process of raising $175 million in fresh debt to fund the deal. The step will raise the net debt at Fortis India to $1 billion and debt-equity ratio to 1.5 from under 0.5 now. The company aims to bring it down to below 1 by March by infusing fresh equity, though it will not sell shares in the parent company.

Earlier this year, Fortis bought 86 percent stake in diagnostic services firm Super Religare Laboratories Ltd (SRL) from Singh brothers.

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