BackFortis to sell RadLink unit in Singapore for Rs530 crore
The deal will be completed on or about 12 May, says Fortis Healthcare
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Mumbai: Health care company Fortis Healthcare Ltd said it will sell its entire stake in RadLink-Asia Pte Ltd and its subsidiaries in Singapore to Fullerton Healthcare Group Pte Ltd for SGD111 million (Rs531.29 crore).
RadLink is engaged in offering healthcare services incluing outpatient diagnostic and molecular imaging services in Singapore.
The sale is executed by Fortis’ step-down subsidiary Fortis Healthcare International Pte Ltd.
The deal will be completed on or about 12 May 2015, Fortis said in a statement.
RadLink was acquired in 2012-13 and the divestment of this last major international business is in line with company’s strategic decision to intensify focus on core domestic and diagnostic business in India, Malvinder Singh, executive chairman and Shivinder Singh, executive vice chairman at Fortis were quoted as saying.
“The significant value that we have created in our international healthcare businesses is now being unlocked and will be ploughed back to strengthen our growth in India," Singh brothers said in a statement.
The consolidated debt of Fortis was at Rs1691.24 crore as of September 2014.
JP Morgan and Religare capital Markets acted as financial advisors to Fortis for the transaction.
Fortis operates its healthcare delivery services in India, Dubai, Mauritius and Sri Lanka with 54 healthcare facilities, approximately 10,000 potential beds and 260 diagnostic centres.
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