Fortis Healthcare (India) completed acquisition of Fortis Healthcare International by its wholly-owned subsidiary Fortis Asia Healthcare (FAHPL). Earlier on November 01, 2011, the company had agreed to acquire 100 percent of Fortis Healthcare International from RHC Financial Services (Mauritius) for an agreed valuation of $665 million.
The agreed value of $665 million of Fortis Healthcare International includes assets pertaining to Dental Corporation Holdings, Australia, Quality Group Hong Kong, Hoan, My Medical Corporation, Vietnam, Fortis Specialty Hospital, Singapore, SRL Laboratories, Dubai and a minority stake in Lanka Hospital corporation, Sri Lanka.
In addition, Fortis Healthcare International continues to explore and engage in investment opportunities in healthcare across jurisdictions, none of which are currently material in nature and the consummation of which will be duly notified in accordance with applicable law.
The consideration for acquiring the equity shares of Fortis Healthcare International amounting to $262 million (after taking into account the outstanding liabilities of Fortis Healthcare International) was being funded through infusion of $262 million against redeemable preference (RPS) shares of FAHPL issued to the promoters of the company, carrying an annualized yield of five percent and are redeemable at the expiry of 18 months, with Fortis Asia Healthcare having an option to redeem the RPS prior to the expiry of 18 months.
Company Name | CMP |
---|---|
Apollo Hospital Ent. | 7248.75 |
Max Healthcare Inst | 1166.60 |
Narayana Hrudayalay | 1286.30 |
Aster DM Healthcare | 486.85 |
Global Health | 1098.95 |
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