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SINGAPORE: Indian hospital chain Fortis Healthcare said it will acquire a 23.9 per cent stake in Parkway Holdings for S$959.4 million.
This values Parkway shares at S$3.56 a piece or about 14 per cent higher than Thurday's closing price.
Parkway Holdings is one of Asia's premium healthcare providers with a network of 16 hospitals in over six countries.
Fortis will buy over the stake from buyout firm TPG Capital.
During a news briefing, Fortis said the deal comes close on the heels of its Wockhardt hospital acquisition in India.
It said buying into Parkway will enable the company to establish a pan-Asian presence.
Malvinder Mohan Singh, group chairman, Fortis Healthcare & Religare Enterprise, said: "Right from Middle East to the Indian subcontinent to the Southeast Asian market, this is truly a phenomenal network of over 60 hospitals with over 10,000 beds. So really, we would be the largest healthcare providers leveraging the strengths of both hospital brands in Fortis and in Parkway." - CNA/vm
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