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Fortis completes Rs 4,650 cr acquisition of Singapore-listed RHT Health Trust assets

  • In February last year, Fortis had announced that it has entered into definitive agreements with RHT

  • The transaction was approved by an overwhelming majority of Fortis shareholders

  • The transaction is beneficial and will be value accretive for the company and its shareholders

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 Rs 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.

 Fortis completes Rs 4,650 cr acquisition of Singapore-listed RHT Health Trust assets

A Fortis hospital building in New Delhi. Reuters

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 percent, 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.

 

 

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Updated Date: Jan 16, 2019 10:06:15 IST