Fortis Healthcare Ltd is set to acquire 10 hospitals from the Wockhardt Hospitals chain for a consideration of Rs 909 crore.
Touted to be the largest deal in the healthcare segment, it helps Fortis leapfrog to a strong position by giving it a presence in the western, southern and eastern regions of the country, where it had little or no presence.
The deal covers Wockhardt’s green-field hospitals in Mumbai, Bangalore and Kolkata, adding 1,902 beds to Fortis’ existing capacity, said the Fortis Managing Director, Mr Shivinder Singh.
What is this deal for Fortis:
Fortis positions strongly in the healthcare industry by giving it a presence in the western, southern and eastern regions of the country, where it had little or no presence.
For Wockhardt: Wockhardt will repay its debt
This is the second such major acquisition by Fortis. It previously acquired majority control in Escorts Hospitals at Rs 585 crore in 2005.
Wockhardt seems to have plans already in place. The company is expected to have new hospitals in Bhopal, Patna, and Varanasi.
