Fortis Healthcare International, a subsidiary of Fortis Healthcare is selling its 64 per cent stake in Dental Corporation Holdings (DC), Australia, to Bupa, for Aus $270 million. The deal is expected to be completed in March 2013 subject to shareholder and regulatory approvals.
Malvinder Singh and Shivinder Singh, Executive Chairman and Executive Vice Chairman, Fortis Healthcare, said, “As a premier healthcare company we are quick to assess the competitive landscape, the opportunities for growth and emerging trends. We are decisive in our response and bold in our actions. The move is good for Fortis as it aligns the company with its current strategic priorities. This will help consolidate our presence as one of the fastest growing healthcare companies in the region.” Fortis had entered DC in January 2011 and has since then it has grown from 140 dental practices to 190 dental practices in Australia and New Zealand. The model however has remained confined to the two countries and in-spite of exploration and backing has found limited acceptance in other Fortis geographies, as originally envisaged.
EH News Bureau
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