Fortis Healthcare to Buy 23.9% Parkway Holdings Stake

Fortis Healthcare Ltd., India’s biggest hospital chain by market value, agreed to buy a 23.9 percent stake in Parkway Holdings Ltd. for S$959 million ($686 million). Fortis is buying private equity group TPG’s stake in Parkway, Asia’s biggest hospital operator by sales Fortis will name Malvinder Mohan Singh as chairman of Singapore based Parkway. 
 
Though Fortis has not disclosed the deal size, according to sources, it could Rs 3,150 crore ($685 million). Fortis last year has bought 10 hospitals from Wockhardt Hospitals Ltd. for 9.09 billion rupees ($199 million). Royal Bank of Scotland Plc and Goldman Sachs Group Inc. advised TPG.