Fortis Healthcare completes acquisition of RHT assets1 min read . Updated: 15 Jan 2019, 11:26 PM IST
In February last year, Fortis had announced that it has entered into definitive agreements with RHT to acquire entire portfolio of assets of the Singapore-listed entity for an enterprise value of ₹4,650 crore.
New Delhi: Fortis Healthcare on Tuesday said it has completed the acquisition of RHT Health Trust (RHT) assets.
In February last year, Fortis had announced that it has entered into definitive agreements with RHT to acquire entire portfolio of assets of the Singapore-listed entity for an enterprise value of ₹ 4,650 crore.
“The company has today consummated the transaction by acquisition of relevant sale securities and payment of required consideration," Fortis Healthcare Ltd said in a regulatory filing.
Consequently International Hospital Ltd, Fortis Health Management Ltd, Escorts Heart and Super Speciality Hospital Ltd, Hospitalia Eastern PVT Ltd and Fortis Hospotel Ltd have become wholly-owned subsidiaries of the company, it added.
The transaction was approved by an overwhelming majority of Fortis shareholders with a voting in favour of the transaction in excess of 99% , the company said.
“The transaction is beneficial and will be value accretive for the company and its shareholders as it would save significant clinical establishment fees that Fortis currently pays," it added.
In addition, it provides Fortis full control over all the assets -- hospitals enabling direct and more focussed management of the business, the company said.
This story has been published from a wire agency feed without modifications to the text.