Ranjan Pai led Manipal Hospitals to buy Columbia Asia for Rs 2,100 crore
New Delhi: Leading multi-specialty healthcare provider Manipal Hospitals on Monday said it has entered into a definitive agreement to acquire Columbia Asia Hospitals in India.
According to the sources in know of the matter, the acquisition will be for Rs 2,100 crore.
The company intends to acquire a 100 percent stake in Columbia Asia Hospitals Pvt Ltd (Columbia Asia). The transfer of ownership to Manipal Hospitals is expected to be completed post regulatory approvals, the healthcare providers said in a statement.
"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," Manipal Education and Medical Group (MEMG) Chairman Ranjan Pai said.
"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," he added.
Together, the combined entity will have a presence of 27 hospitals across 15 cities with over 7,300 beds and a pool of more than 4,000 doctors and over 10,000 employees, the statement said.
Columbia Asia Hospitals commenced operations in India in 2005 in Hebbal, Bengaluru and presently operates 11 hospitals across the country, it added.
"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," Columbia Pacific Management Chairman Dan Baty said.
The acquisition of Columbia Asia offers a geographical and cultural fit, and provides Manipal Hospitals a larger national footprint, the statement said.
The advisor for Manipal Health Enterprise was Allegro Capital and Columbia Pacific was advised by Morgan Stanley, it added.