Fortis Healthcare wraps up deal to acquire RHT assets

Fortis Healthcare Tuesday said it has completed the acquisition of RHT Health Trust (RHT) assets. In February last year, Fortis had announced that it has entered into definitive agreements with Singh Brothers-promoted RHT to acquire entire portfolio of assets of the Singapore-listed entity for an enterprise value of Rs 4,650 crore.

"The company has today consummated the transaction by the acquisition of relevant sale securities and payment of required consideration," Fortis Healthcare Ltd said in a regulatory filing. Consequently, International Hospital Ltd, Fortis Health Management Ltd, Escorts Heart and Super Speciality Hospital Ltd, Hospitalia Eastern PVT Ltd and Fortis Hospital Ltd have become wholly-owned subsidiaries of the company, it added. The transaction was approved by an overwhelming majority of Fortis shareholders with voting in favour of the transaction in excess of 99 per cent, the company said.

"The transaction is beneficial and will be value accretive for the company and its shareholders as it would save significant clinical establishment fees that Fortis currently pays," it added. In addition, it provides Fortis full control over all the assets -- hospitals enabling direct and more focussed management of the business, the company said.