Saturday, March 13, 2010

Fortis Healthcare to acquire 23.9% of Parkway Holdings

Fortis Healthcare, India’s fastest-growing healthcare company, it would buy 23.9% of Singapore’s Parkway Holdings in healthcare service provider Parkway Holdings from TPG Capital (formerly Texas Pacific Group). Parkway has a network of 16 hospitals having 3,400 beds spread over six countries, including India. The deal size is estimated to be about US$685.3 million ($959.4 million). This deal will give the Indian hospital chain a foothold in Singapore and Malaysia and make it the biggest private hospital network in Asia.

Separately, Macquarie has raised Parkway Holdings target price to $3.45 from $3.19 on back of earnings forecasts upgrades. Macquarie believes Parkway remains the best proxy to Asian healthcare and Singapore’s medical tourism drive. It also tips imminent launch of medical suites at new Novena hospital as share price catalyst. Today, Parkway Holdings announced a soft launch for the phase 1 of the sale of Novena medical suites.

Look at the climb and the increase in trade volume for the past one week!

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