Fortis acquires 23.9 pc stake in Parkway

March 19, 2010 04:05 pm | Updated 04:05 pm IST - Mumbai

Hospital chain Fortis Healthcare on Friday said it has completed the acquisition of 23.9 per cent stake in Singapore-based healthcare firm Parkway Holdings for about USD 685.3 million (nearly Rs 3,100 crore).

The company has consummated the deal to acquire 23.9 per cent stake in Parkway Holdings from TPG Capital (formerly Texas Pacific Group) in an off-market deal, Fortis Healthcare said in a filing to the Bombay Stock Exchange (BSE).

Last week, Fortis has entered into a definitive agreement with TPG Capital, one of the world’s leading private investment firms, to acquire its 23.9 per cent stake in Parkway.

Fortis intends to seek four seats on the board of directors of Parkway and also to nominate Malvinder Mohan Singh (current chairman of Fortis Healthcare) as the chairman of the board of Parkway.

The deal would enable Fortis to establish a Pan-Asian presence and increase network to 62 hospitals with combined bed strength of over 10,000 beds.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.