Indian hospital chain Fortis Healthcare (FOHE.BO) plans to raise up to $185 million ($255 million) through a preferential allotment of shares and a foreign currency convertible bonds issuance to fund acquisitions.
Indian hospital chain Fortis Healthcare (FOHE.BO) will buy 23.9% of Singapore’s Parkway Holdings (PARM.SI) from US buyout firm TPG Capital in an expansion drive into Asia and the Middle East.
The $959 million deal will give Fortis a foothold in Singapore and Malaysia and make it the biggest private hospital network in Asia, it said.
Fortis Healthcare, India’s fastest-growing healthcare company, has announced the acquisition of a 23.9% strategic stake in healthcare service provider Parkway Holdings from TPG Capital (formerly Texas Pacific Group).
Parkway has a network of 16 hospitals having 3,400 beds spread over six countries, including India. The deal size is estimated to be about US$685.3 million ($959.4 million).
