MANIPAL HOSPITALS ENTERS INTO A DEFINITIVE AGREEMENT TO ACQUIRE 100% STAKE IN COLUMBIA ASIA HOSPITALS IN INDIA
· The transfer of ownership to Manipal Hospitals is subject to applicable regulatory approvals
· The acquisition helps Manipal Hospitals further promote excellence in delivery of healthcare services, with an enhanced pan-India footprint and foray into East India
· Together, the combined entity will have a presence of 27 hospitals across 15 cities with 7,300+ beds and a talented pool of 4,000+ doctors and 10,000+ employees
Manipal Hospitals, one of India’s largest multi-specialty healthcare providers, today announced its intent to acquire 100% stake in Columbia Asia Hospitals Private Limited (Columbia Asia). The transfer of ownership to Manipal Hospitals is expected to be completed post regulatory approvals. The strong clinical expertise and breadth of services of Manipal Hospitals, complemented by the strengths of Columbia Asia in clinical and service quality, will ensure that the integrated organization would be uniquely placed to improve access and address the growing demand for high quality tertiary and quaternary healthcare in the country.
Commenting on the deal, Dr. Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG), said, “We are very pleased to welcome Columbia Asia Hospitals to the Manipal family and proudly acknowledge their outstanding track record of healthcare delivery of a very high standard over the years. 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.”
Columbia Asia Hospitals commenced operations in India in 2005 in Hebbal, Bengaluru and presently operates 11 hospitals across the country in Bangalore, Mysore, Kolkata, Gurugram, Ghaziabad, Patiala and Pune. The network comprises of 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 offers a remarkable geographical and cultural fit, and provides Manipal Hospitals a larger national footprint. Together, the combined entity will have 27 hospitals across 15 cities with 7,300+ beds, and a talented pool of 4,000+ doctors and 10,000+ employees. Treating over 4 million patients annually, it would rank amongst the largest healthcare provider networks in the country.The advisors for Manipal Health Enterprise Pvt. Ltd. was Allegro Capital Pvt. Ltd. and Columbia Pacific was advised by Morgan Stanley.