Manipal Hospital buys 200-bed Vikram Hospital for Rs 350 crore
New Delhi: Manipal Hospitals, the second-largest hospital chain in India, has acquired the Bengaluru-based multi-speciality Vikram Hospital for a handsome amount of Rs 350 crore.
As per a recent report in The Hindu, Manipal hospitals entered into a definitive agreement with Multiples Private Equity Fund for a 100 per cent acquisition of the hospital for consideration of Rs 350 crore.
Allegro Capital acted as financial advisors while PwC served as financial and tax diligence advisors and Trilegal as legal advisors for Manipal Hospitals on the Virakram Hospital deal.
Prior to this, Manipal Hospitals had completed a 100 percent stake acquisition in Columbia Asia Hospitals Pvt Ltd for Rs 2,100 crore and became India's second-largest multi-speciality hospital chain.
With the acquisition of Vikram Hospital, Manipal has now 27 hospitals, over 7,300 beds, a pool of 4,000 doctors and over 11,000 employees across 14 cities.
Commenting on the deal, Dr. Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG), said: "This reiterates our commitment to meet the healthcare needs of the city and the region. There are two greenfield hospitals that are currently under construction and once they are complete in the next 24 months, our network of 12 hospitals with over 2,300 beds would be best placed to provide ease of access and comprehensive care to everyone across this fast growing city."
Renuka Ramnath, Founder, Managing Director and CEO, Multiples, said "We are very pleased that we are handing over this marquee asset to an extremely worthy Manipal Hospital Group. With this larger canvas, our doctors will have the ability to have a deeper impact on the healthcare needs of the city."