India-based hospital chain Fortis Healthcare is buying a 23.9% stake in Singapore-based Parkway Holdings from private equity firm TPG Capital for S$959 million $686 million.
Fortis is paying around S$3.56 per share, which equals a premium of about 14% to yesterday's closing price. The acquisition, which represents TPG's entire stake in Parkway, makes Fortis the largest shareholder in the Singapore-listed company. Other shareholders include Malaysian sovereign wealth fund Khazanah Nasional, which owns a 23.32% stake, The Bank of New York Mellon Corporation with 5.99%, Newton Investment Management with 5.99% and Franklin Resources with 5.98%.
Fortis has been adopting a strategy of both organic growth and growth...
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