For a sum of Rs 4,650 crore ($652.5 million), India based Fortis Healthcare acquires Singapore based RHT Health Trust Assets. Announced in February last year, Fortis acquires entire portfolio of assets of the Singapore listed RHT Health Trust assets.
According to a statement from Fortis Healthcare in a regulatory filing:
“The company has today consummated the transaction by acquisition of relevant sale securities and payment of required consideration.”
A Fortis hospital building in New Delhi. Reuters
The acquisition was overwhelmingly approved by the majority of Fortis shareholders with voting in excess of 99 percent for the acquisition. As a result, International Hospital Ltd, Fortis Health Management Ltd, Escorts Heart and Super Speciality Hospital Ltd, Hospitalia Eastern Pvt Ltd and Fortis Hospotel Ltd all are now wholly- owned subsidiaries of the company.
The transaction is expected to be value accretive for the company and will also save significant clinical establishment fees that Fortis currently pays. Additionally, Fortis is expected to enjoy full control over its assets resulting in a direct and focused management.
About Fortis Healthcare
Founded in 1995, Fortis Healthcare owns, manages, and operates a network of multi-specialty hospitals and diagnostic centers in India and internationally including care specialty, diagnostics, and tertiary and quaternary care facilities. Headquartered in Gurgaon, India, Fortis Healthcare offers services in the areas of cardiac care, orthopedics, neurosciences, oncology, renal care, metabolic diseases, and mother and child care. Fortis operates a network of 43 healthcare facilities with approximately 4,800 operational beds; 368 laboratories; 5,539 direct points; and 1,062 collection centers as of March 2018.
About RHT Health Trust
Headquartered in Singapore, RHT Health Trust focuses on investing in income-yielding real estate and real estate related assets used or to be used primarily as business space in Asia and Australasia. Founded in 2011, RHT portfolio comprises interests in 12 RHT Clinical Establishments, 4 Greenfield Clinical Establishments and 2 Operating Hospitals throughout India.