Manipal in deal to buy Fortis hospitals, set to face Fortis shareholder ire
Fortis Chief Executive Bhavdeep Singh said the deal would be worth 150 billion Indian rupees ($2.3 billion), according to the estimated value of both firms and the cash involved. He did not give a breakdown of the cash and equity portions of the deal. But shares in Fortis slid on Wednesday, giving the company a market value of just 62.83 billion Indian rupees ($965 million) as investors expressed their unhappiness with the terms of the transaction.
Manipal Hospitals Enterprises Private Ltd plans to buy troubled Fortis Healthcare Ltd`s hospital business, but the deal is expected to run into opposition from Fortis minority shareholders. Image source: official website