|By PR Newswire||
|December 16, 2012 11:22 AM EST||
GURGAON, India, December 16, 2012 /PRNewswire/ --
Fortis Healthcare International Pte Ltd, a subsidiary of Fortis Healthcare Ltd (Fortis Healthcare) today announced its decision to sell its 64 % stake in Dental Corporation Holdings Ltd (DC), Australia, to Bupa, for a consideration of Aus $ 270 Mn. The deal is expected to be completed in March 2013 subject to shareholder and regulatory approvals.
Malvinder Singh and Shivinder Singh, Executive Chairman and Executive Vice Chairman, Fortis Healthcare Ltd., said, "As a premier healthcare company we are quick to assess the competitive landscape, the opportunities for growth and emerging trends. We are decisive in our response and bold in our actions. The move is good for Fortis as it aligns the company with its current strategic priorities. This will help consolidate our presence as one of the fastest growing healthcare companies in the region."
Fortis had entered DC in Jan 2011 and has since added considerable value to the business growing it from 140 dental practices to 190 dental practices in Australia and New Zealand. The model however has remained confined to the two countries and in-spite of exploration and backing has found limited acceptance in other Fortis geographies, as originally envisaged.
The DC divestment is in line with Fortis's strategic decision to focus on healthcare in Asia including India and on developing, staffing, operating and managing healthcare assets that cater to complex clinical work at the higher end of the medical delivery value spectrum.
The divestment will go towards further strengthening the Fortis balance sheet bringing it closer to its net debt to equity target ratio of 0.6x.
About Fortis Healthcare Limited
Fortis Healthcare Limited is a leading, integrated healthcare delivery provider in Asia. The healthcare verticals of the company span diagnostics, primary care, day care specialty and hospitals, with an asset base in 11 countries, many of which represent the fastest-growing healthcare delivery markets in the world. Currently, the company operates its healthcare delivery network in Australia, Canada, UAE, Hong Kong, India, Mauritius, Nepal, New Zealand, Singapore, Sri Lanka and Vietnam with 76 hospitals, over 12,000 beds, over 600 primary care centres, 194 day care specialty centres, over 240 diagnostic centres and a talent pool of over 23,000 people. Fortis Healthcare is driven by the vision of becoming a global leader in the integrated healthcare delivery space and the larger purpose of saving and enriching lives through clinical excellence.