Fortis completes 100% stake sale in RadLink for over Rs 530 crore

Fortis Healthcare on Tuesday said its Singapore arm has completed 100 per cent stake sale in RadLink for SGD 111 million (over Rs 530 crore) to Fullerton Healthcare Group.

In a Bombay Stock Exchange (BSE) filing, Fortis Healthcare said it has received "the sum of SGD 111 million from the sale of its Singapore based RadLink-Asia and its subsidiaries to Fullerton Healthcare Group. With this, the deal announced on May 1, 2015 now stands completed."

On May 1, Fortis Healthcare International, a step-down subsidiary of Fortis Healthcare, announced its decision to divest 100 per cent shareholding in RadLink-Asia and its subsidiaries.

RadLink provides diagnostic and molecular imaging services.

JP Morgan and Religare Capital Markets acted as financial advisors to Fortis for this transaction.

Last year, Singapore's competition authority had sought a more detailed review of Fortis' plan to exit from RadLink saying the deal significantly reduced the number of providers of radiology and imaging services.

In 2013, it completed the sale of entire 65 per cent stake in Vietnam-based hospital chain Fortis Hoan My Medical Corporation for $80 million. The healthcare firm had also sold its stake in Hong Kong-based Quality Healthcare to Bupa for $355 million.

In 2012, Fortis Healthcare International had sold 64 per cent stake in Dental Corporation Holdings, Australia, to Bupa, for AUD 270 million.

Shares of Fortis Healthcare were trading at Rs 161.70 apiece, down 0.49 per cent from their previous close on the BSE.