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Fortis Completes Acquisition of Wockhardt Hospitals

18 December, 2009

Fortis Hospitals Ltd., a subsidiary of Fortis Healthcare Ltd, has completed the acquisition of Greenfield Hospital Division of Wockhardt Hospitals. Fortis had acquired 10 hospitals from Wockhardt for Rs 909 crore  in August this year. The acquisition was part-funded by

recently concluded rights issue of Rs 997 crore, internal accrual and debt.

The acquisition will give Fortis the ability to penetrate into most of the key metro cities. The healthcare company will now have 1902 additional beds, giving an aggregate capacity of 5180 beds. It will now have 6 hospitals in Bangalore, 4 in Mumbai and 3 in Kolkata. It

already has a good presence in NCR and Chennai.

Speaking on the acquisition, Vishal Bali, CEO, Fortis Hospital Ltd. said that the group is looking forward to sharing the expertise and passion of the combined network to better serve the patients. Two of the 10 acquired hospitals have international accreditation by JCI

(Joint Commission International) raising Fortis’ accredited hospitals tally to three.

Wockhardt is in the midst of restructuring its businesses and is selling non-core units as it seeks to raise funds to settle some of its debt.

Religare Capital markets acted as advisors to Fortis Healthcare for the deal.

 


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Fortis Completes Acquisition of Wockhardt Hospitals

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