M&A

M&A

Kauvery Hospital to acquire Fortis' hospital in Chennai's Vadapalani for Rs.152-Cr

Press Release  

Publicly listed Fortis Healthcare Limited is to sell its hospital business operations at Vadapalani, Chennai to Sri Kauvery Medical Care (India) Limited (“SKMC / Kauvery Group of Hospitals”) in an all-cash deal worth INR 152 crore. Veda Corporate Advisors acted as financial advisors and Saraf and Partners acted as legal advisors for Fortis on the deal. For Kauvery, Khaitan & Co. and Shardul Amarchand Mangaldas acted as legal advisors for this transaction. The Vadapalani hospital, which is on a leased premises, was commissioned in October 2020 and is located on the arterial Arcot Road. It currently has 110 operational beds with a potential to scale up-to approx. 200 beds. The acquisition is in line with Kauvery's strategy to further expand its presence in Chennai, in addition to its existing facilities of 500+ beds at Alwarpet and Radial Road. . With this acquisition,the Group will operate a network of 11 hospitals comprising of 2,000+ beds spread across 6 cities viz. Chennai, Trichy, Bangalore, Salem, Hosur and Tirunelveli.