IHH leads race to acquire Religare's healthcare operations
01-May-17, ET Healthworld
The world’s second-largest healthcare Group Integrated Healthcare Holdings (IHH) has emerged as the front runner for the healthcare assets of siblings Malvinder and Shivinder Singh of Religare, after the Malaysian hospital chain ended its decade-long association with Apollo Hospitals.
%20Fortis%20Annual%20Report_Asia%20Samachar.jpg "IHH leads race to acquire Religares healthcare operations (c) Fortis Annual Report Asia Samachar")
Image: Fortis Annual Report / Asia Samachar
IHH, which operates the Parkway Pantai chain of hospitals, is competing with a private equity consortium of TPG and General Atlantic to acquire controlling stakes in both Fortis Healthcare and Fortis Malhar, valuing India’s second-largest hospital chain and its diagnostics arm at USD2.8 bn.
As promoters, Singh brothers currently hold 52.3% in Fortis. The promoters will dilute minimum 26% and cede management control. The acquisition is likely to trigger an open offer for an additional 25% equity.