Gurugram: Fortis Healthcare has announced that it has signed definitive agreements with the VPS Group for the acquisition of its Medeor Hospital in Manesar, Gurugram, Haryana for an overall purchase consideration of Rs 225 crore.
The hospital has a potential bed capacity of 350 beds and can be operationalised in a phased manner in approx. 9 months.
The transaction entails the purchase of land, building and movable assets of Medeor Hospital in Manesar, Gurugram, owned by Medeor Hospitals Limited and is expected to close by end of July 2023, subject to the completion of certain conditions precedent as stipulated in the definitive agreements. The transaction will be funded through a mix of debt and internal accruals.
Dr Ashutosh Raghuvanshi, MD & CEO of the Company, said, “We have been evaluating various acquisition opportunities to expand our presence in our existing markets and to enable us to leverage the benefits of scale and synergies. We believe this is a good strategic fit as we already have a significant presence in Gurugram with our flagship facility, Fortis Memorial Research Institute (FMRI). This acquisition will make us the second largest healthcare services provider in Gurugram with over 850 beds, including our ongoing brownfield bed additions in FMRI. We endeavor to offer the entire spectrum of medical specialties at our new facility, ably supported by our experienced team of clinicians and deliver exceptional clinical care.”
Saraf and Partners, Law Offices, acted as legal advisors for this transaction and MediConsult Capital acted as transaction advisors for this transaction.
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