Largest Indian healthcare acquisition sees Fortis strengthen footprint

Executive Summary

Private hospital chain Fortis Healthcare is to complete what it claims is the largest ever acquisition in the Indian healthcare sector by acquiring Wockhardt Hospitals for Rs9.1bn ($180m). The deal will see New Delhi-based Fortis expand its domestic presence by adding ten more private hospitals to its portfolio and strengthening its coverage in Mumbai, Bengaluru and Kolkata. The cost of the transaction includes Rs1.90bn of working capital towards the completion of two of the hospitals, which are not yet complete. According to Fortis, this deal eclipses its previous acquisition of Escorts heart Institute in 2005, which at the time was the most expensive transaction in Indian healthcare history.