Manipal Hospitals today announced that they have entered into a definitive agreement with Multiples Private Equity Fund for a 100 per cent acquisition of Bengaluru based multi-speciality hospital, Vikram Hospital, making this its 10th hospital in the city. While Manipal Hospitals did not disclose details of the deal size, sources said Vikram Hospital was acquired for ₹350 crore. The announcement comes close on the heels of its acquisition of the India operations of Columbia Asia Hospitals in April 2021.
The announcement comes close on the heels of its acquisition of the India operations of Columbia Asia Hospitals in April 2021.
Set up in 2009, Vikram Hospital is a 200 bedded high-end tertiary care facility known for its clinical expertise in the fields of cardiac and neuro sciences.
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In a statement, Dr Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG) said, “We are delighted to welcome Vikram Hospital into our network. Manipal Hospitals has been the top ranked healthcare provider in Bengaluru for over two decades and this addition is reiteration of 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.”
With this latest addition, Manipal Hospitals now has 27 hospitals spread across 14 cities, more than 7,300 beds and a pool of 4,000 doctors and over 11,000 employees. The Hospital Group is also scouting to expand its footprint in eastern India.
“We salute the doctors, the outstanding management team and the staff of Vikram Hospital who built an iconic hospital in the city of Bengaluru. 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,” said Renuka Ramnath, Founder, Managing Director and CEO of the Private Equity Firm Multiples .
Allegro Capital acted as financial advisors while PwC served as financial and tax diligence advisors and Trilegal as legal advisors for Manipal Hospitals on this deal. The Hindu BusinessLine