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Fortis Healthcare said that it had signed final bonds with the VPS Group to buy the Manesar based Medeor Hospital in Gurugram, for Rs 225 crore. The hospital may be operationalized gradually in roughly nine months and has a 350-bed maximum bed capacity.
A combination of loans and internal accruals will be used to finance the transaction. Following IHH Healthcare’s acquisition of a majority share, this will be Fortis’ largest transaction to date.
Under certain antecedent conditions outlined in the definitive agreements, the transaction—which involves the acquisition of the land, building, and movable assets of the Medeor Hospital in Manesar, Gurugram, owned by Medeor Hospitals Limited—is anticipated to conclude by the end of July 2023.
According to Fortis, the acquisition is in line with the business’s strategy plan to increase its footprint in key geographic clusters, including as Delhi NCR.
With the acquisition, the business will be able to offer patients in the emerging communities of New Gurgaon, Dwarka Expressway, IMT Manesar, and National Highway 48 more healthcare services. Patients from Rewari, Mahendargarh, Bhiwadi, Pataudi, Farukh Nagar, as well as other nearby locations, would also benefit.
Dr. Ashutosh Raghuvanshi, MD and CEO of Fortis Healthcare said that, “We have been evaluating various acquisition opportunities to grow our presence in existing markets and to enable us to leverage the benefits of scale and collaborations.”
Including our continuing brownfield bed additions in FMRI, this acquisition would make us the second-largest healthcare services provider in Gurugram, according to Raghuvanshi.
The newly purchased hospital, according to Raghuvanshi, will provide the full range of medical specialties, backed by a skilled staff of physicians.
Legal counsel for the deal was provided by Saraf and Partners, Law Offices, and transaction advice was provided by MediConsult Capital.
Source-ET
