Monday, November 9, 2020

Manipal Hospitals To Buys Columbia Asia Hospitals for ₹1,800 Crore

Multi-specialty healthcare provider Manipal Hospitals has announced its intent to acquire 100 per cent stake in Columbia Asia Hospitals Private Limited (Columbia Asia) for over ₹2,000 crore.

The final value of the deal is expected to be known after evaluation and regulatory approvals. The advisors for Manipal Health Enterprise Pvt. Ltd was Allegro Capital Pvt. Ltd and Columbia Pacific was advised by Morgan Stanley.

The strong clinical expertise and breadth of services of Manipal Hospitals, complemented by the strengths of Columbia Asia in clinical and service quality, will ensure that the integrated organisation would be uniquely placed to improve access and address the growing demand for high quality tertiary and quaternary healthcare in the country.

Dr Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG), commenting on the deal said, “We are very pleased to welcome Columbia Asia Hospitals to the Manipal family and proudly acknowledge their outstanding track record of healthcare delivery of a very high standard over the years. Columbia Asia makes a compelling strategic fit to our core values of clinical excellence, patient centricity and ethical practices, and will help us advance our commitment to provide outstanding patient care. This is the start of an exceptional journey for us and together with Columbia Asia, we are now bigger, stronger and uniquely positioned to meet the growing expectations of the communities we serve across the country.”

Columbia Asia Hospitals commenced operations in India in 2005 in Hebbal, Bengaluru and operates 11 hospitals across the country in Bengaluru, Mysuru, Kolkata, Gurugram, Ghaziabad, Patiala and Pune. The network comprises over 1,300 beds, 1,200 clinicians and 4,000 employees.

Sharing his views on the transaction, Dan Baty, Chairman, Columbia Pacific Management, said, “From day one, we focused on building a culture of putting the patient first to deliver the highest quality healthcare with integrity and exceptional service. This combination of Columbia Asia and Manipal Hospitals is very exciting because of the strong cultural alignment between the two companies – and the opportunity it provides for continued growth.”

The acquisition of Columbia Asia offers a remarkable geographical and cultural fit, and provides Manipal Hospitals a larger national footprint. Together, the combined entity will have 27 hospitals across 15 cities with 7,300+ beds, and a talented pool of 4,000+doctors and 10,000+ employees. Treating over 4 million patients annually, it would rank amongst the largest healthcare provider networks in the country.

No comments:

Total Pageviews