Fortis acquires 23.9 pc stake in Parkway

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.