Khazanah, Fortis – and GIC? – square off for Parkway
Malaysian SWF Khazanah Nasional and India’s Fortis Healthcare, with the rumored backing of SWF Government of Singapore Investment Corporation (GIC), appear locked in a fast-developing takeover tussle over Parkway Holdings, the Singapore hospitals business recently exited by TPG Capital to Fortis, after Khazanah launched a bid to raise its stake to a control position by making a partial offer for shares to take it from its present 23.5% to 51.5%, for some S$1.18 billion ($835 million).
The contest is also a proxy battle between two of the most ambitious players in India’s evolving healthcare space: Fortis and Apollo Hospitals, another Khazanah investee backed by the Reddy business...
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