Fortis spends US$64 million acquiring 65% of Hoan My

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SaigonTimes English - 39 month(s) ago 83 readings

HCMC – India-based Fortis Healthcare International Pte has struck deals totaling US$64 million to acquire a 65% stake in Vietnam’s Hoan My Corporation.

Fortis spends US$64 million acquiring 65% of Hoan My

By Dao Loan - The Saigon Times Daily

HCMC – India-based Fortis Healthcare International Pte has struck deals totaling US$64 million to acquire a 65% stake in Vietnam’s Hoan My Corporation.

Duxton Asset Management Pte said in a statement that it and shareholders of Hoan My had agreed on the deal that made Fortis the major shareholder and strategic partner of the corporation.

Hoan My signed an agreement in late 2009 on investment cooperation with two investment fund management firms, VinaCapital and Duxton, to expand healthcare services. The two funds would equally lay out US$20 million on Hoan My.

“We’ve worked with Hoan My over the past two years and succeeded in developing Hoan My into a healthcare services organization that has been able to attract the attention of big partners like Fortis,” said Chong Kuan Yew, head of emerging market investment at Duxton.

News about the deal between Fortis and Hoan My has been around for some time. But until early August the parties involved had revealed little information about the deal, having said Fortis visited Hoan My and their talks were in the early stages.

Founded in 1997 with one clinic, Hoan My Corporation has now grown into a chain of hospitals and clinics in some cities and provinces like HCMC, Danang, Da Lat and Ca Mau and is working on a plan to construct a complex of schools and hospitals on six hectares in a northwestern urban area in HCMC’s Cu Chi. The corporation will inaugurate a new hospital in HCMC by the year’s end.

Earlier this month, the Government gave the go-ahead to Hoan My to establish Hoan My Medical University, Vietnam’s first private such educational institution since 1975.

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