Manipal Hospitals, a multi-specialty healthcare provider, on Monday entered into a definitive agreement to acquire 100% stake in Columbia Asia Hospitals Private Limited (Columbia Asia).
The deal is valued at ₹2,100 crore, as per market sources. This makes Manipal Hospitals, the country's second largest healthcare chain, after Apollo Hospitals.
Commenting on the deal, Dr Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG), said, “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,” he added.
Columbia Asia Hospitals commenced operations in India in 2005 in Hebbal, Bengaluru and presently operates 11 hospitals across the country in Bengaluru, Mysore, 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 provides Manipal Hospitals a larger national footprint. Together, the combined entity will have 27 hospitals across 15 cities with 7,200+ beds, and a talented pool of 4,000+ doctors and 10,000+ employees. Treating over four million patients annually, it would rank amongst the second largest healthcare provider networks in the country.
The transfer of ownership to Manipal Hospitals was expected to be completed post regulatory approvals, said an official statement.
The advisors for Manipal Health Enterprise was Allegro Capital Pvt. Ltd. and Columbia Pacific was advised by Morgan Stanley.
Published - November 02, 2020 12:14 pm IST
