GIC-backed Fortis Healthcare India bolts on Fortis International

Singapore-based Fortis Healthcare International, which was established in 2010 to pursue overseas business, was bought from Fortis Healthcare's majority shareholders, Malvinder and Shivinder Singh. Fortis Healthcare performed the transaction via its wholly-owned subsidiary Fortis Asia Healthcare, and the Singh brothers supplied the capital for the deal to take place.

The overseas assets which will now form part of Fortis Healthcare include Hong Kong primary care network Quality Healthcare, Australasian dental care network Dental Corporation, Singapore-based Fortis Speciality Hospital, the 350-bed Lanka Hospitals Corporation, Vietnam's Hoan My Medical Corporation and Dubai's SRL Laboratories.

Following the deal, Fortis Healthcare will be one of the largest healthcare providers in India in terms of hospital numbers and patient capacity, coming ahead of Apax Partners-backed Apollo Hospitals.

GIC made an $84.5 million investment in Fortis Healthcare for around 6.58% of the company's expanded capital in May 2010. The investment was part of a $185 million capital-raising exercise also involving bond issuance, to fund new acquisitions.

Another of the biggest healthcare providers in Asia Pacific is Singapore's Parkway Holdings. Fortis bought a 23.9% stake in the local hospital operator from TPG Capital for $685.3 million in March 2010. Several months later it lost out to Khazanah Nasional in battle to purchase Parkway in its entirety. The Malaysian sovereign wealth fund paid $2.56 billion for the asset.

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• Topics
• Healthcare
• Expansion
• South Asia
• healthcare
• GIC Special Investments
• India
• Growth capital