Hotline: 1800 102 2007
Hotline: 1800 102 2007
Search Business Opportunities
Healthcare 2015-05-04

Fortis to sell its Singapore unit for $83.5 million to Fullerton Healthcare Group

Fortis Healthcare has inked pact to sell its Singapore based diagnostics arm RadLink-Asia Pte Ltd and its subsidiaries to Fullerton Healthcare Group for about $83.5 million (Rs 530 crore). Last year, Fortis tried to sell the unit at a higher valuation.

Fortis to sell its Singapore unit for $83.5 million to Fullerton Healthcare Group

Fortis Healthcare has inked a deal to sell its Singapore-based healthcare services unit RadLink-Asia Pte Ltd and its subsidiaries to Fullerton Healthcare Group for approximately $83.5 million (Rs 530 crore).

Reportedly, the deal marks a climb-down in valuation within months as last September, Fortis had announced a deal to sell RadLink to Malaysian firm IHH Healthcare for $108.6 million (Rs 660 crore).

This deal was nixed by Competition Commission of Singapore (CCS), which had raised competition concerns over the proposed acquisition.

RadLink, which was acquired in 2012-13, is engaged in the provision of healthcare services including outpatient diagnostic and molecular imaging services in Singapore.

Having previously sold assets in Hong Kong, Australia and Vietnam, the divestment is part of Fortis' efforts to disengage from its international expansion strategy.

“The significant value that we have created in our international healthcare businesses is now being unlocked and will be ploughed back to strengthen our growth in India,” said Malvinder Singh Executive Chairman, Fortis Healthcare and Shivinder Singh, Executive Vice Chairman, in a joint statement, as mentioned by media reports.
Expectedly, the deal would be closed by coming May 12.

“The divestment of this last major international business is in line with our strategic decision to intensify our focus on our core hospital and diagnostics business in India,” added the duo.

Fortis had flipped its strategy of international expansion within one year of a $665 million deal to buy assets owned by its promoters and now derives almost all revenues from India.

After buying some assets from its promoters in Asia Pacific, it became the first Indian healthcare firm to build a strong overseas business. However, it took a u-turn from its previous strategies of going international, by selling its largest overseas healthcare assets in Vietnam, Australia and Hong Kong.

At present, the firm is focusing on India. It also went asset light by spinning out physical assets into a Singapore-listed entity.

Interestingly, Fullerton Healthcare Group, which is headquartered in Singapore, provides corporate healthcare solutions in the Asia-Pacific region. The company operates in over 130 fully-owned clinics across the Asia-Pacific and is supported by a global network of over 1,000 doctors and nurses, 8,000 medical providers and institutions. The company is backed by Southern Capital.

Comment
image
image
mobile
address
star franchise india
Related opportunities
  • Womens Wear
    About Us: LoveGen, launched in India’s celebrity city Mumbai, is a..
    Locations looking for expansion Maharashtra
    Establishment year 2018
    Franchising Launch Date 2019
    Investment size Rs. 30lac - 50lac
    Space required 800
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Goregaon east Maharashtra
  • Bakery & Confectionary
    About Us: Hot oven excels in blending the authentic taste of..
    Locations looking for expansion Delhi
    Establishment year 2017
    Franchising Launch Date 2017
    Investment size Rs. 5lac - 10lac
    Space required 250
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Quick Service Restaurants
    About Us: Launched in Chandigarh, Super Donuts is a fast growing..
    Locations looking for expansion Delhi
    Establishment year 2013
    Franchising Launch Date 2019
    Investment size Rs. 20lac - 30lac
    Space required 250
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Quick Service Restaurants
    About Us: Inspired by their sojourns across various countries in South..
    Locations looking for expansion Delhi
    Establishment year 2016
    Franchising Launch Date 2019
    Investment size Rs. 20lac - 30lac
    Space required 700
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts

pincode
ads ads ads ads