Manipal Hospitals announced it has entered into a definitive agreement to acquire Columbia Asia Hospitals. As per the media reports, the US-based hospital chain Columbia Asia has been acquired for Rs 2,000 crore.
Post acquisition, Manipal Hospitals will have over 7,300 beds across 15 cities, over 4,000-doctors and 10,000 employees, making it the second largest hospital chain in the country.
Commenting on the acquisition, Dr.Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG), said, “We are very pleased to welcome Columbia Asia Hospitals to the Manipal family…Columbia Asia makes a compelling strategic fit to our core values of clinical excellence, patient centricity and ethical practices…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 currently operates 11 hospitals across the country in Bangalore, Mysore, Kolkata, Gurugram, Ghaziabad, Patiala and Pune. The network comprises over 1,300 beds,1,200 clinicians and 4,000 employees.
Manipal Hospitals is backed by TPG, one of the largest private equity players that has about 22 per cent stake, and Temasek, which holds around 18 per cent stake in the company.
Ranjan Pai-led Manipal Education and Medical Group, the holding company for Manipal Health Enterprises, has raised over $500 million in funding. Pai holds around 60 per cent in Manipal Health Enterprises.
Allegro Capital Pvt. Ltd. acted as advisor for Manipal Health Enterprise Pvt. Ltd and Columbia Pacific was advised by Morgan Stanley.
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