Fortis to acquire majority stake in Australian firm

Fortis Global Healthcare Holdings will acquire a majority stake in Australia’s Dental Corporation Holdings (DCH), two months after it announced the acquisition of about 33 per cent stake in the company for about Rs 450 crore. Fortis Global is the wholly-owned overseas investment vehicle of the promoters of Fortis Healthcare Ltd, India’s second largest private hospital chain. Founded in October 2007, Dental Corporation has annual revenue of Rs 820 crore and is one of the fastest-growing dental chains in Australia.

The additional shares will be bought at an 18 per cent premium over the price at which Fortis Global invested in DCH in December 2010.Depending on the level of acceptance of the takeover offer, Fortis Global’s shareholding in DCH will increase to more than 50.1 per cent and up to 58.6 per cent.