The Fortis management has confirmed reports of it buying ten hospitals from Wockhardt Hospitals. The company has said that from the ten hospitals their aggregate bed capacity will be of 1,902. The management has added that the hospitals will be acquired on ‘going concern’ basis. The deal is expected to be completed by December-end.
Earlier sources had reported that the deal is likely to be valued at Rs 970 crore and that Fortis will add nearly 1,900 beds post acquisition. This acquisition, according to sources, is expected to add Rs 450 crore in FY10 sales. Also, the acquisition may add Rs 75-100 crore in FY10 PAT, sources said and added that the deal may be valued at 8–9 times EBITDA of the assets acquired.
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