Manipal Health Enterprise Pvt Ltd on Monday said it has entered into a definitive agreement to acquire 100% stake in Columbia Asia Hospitals Pvt Ltd, which will give the Ranjan Pai-led hospital chain control of 11 hospitals across the country, Manipal said in a statement.
After completion of the acquisition, which is subject to regulatory approval, the combined entity will have 27 hospitals across 15 cities with more than 7,200 beds, and around 4,000 doctors, and over 10,000 employees. The merged hospital chain will have the capacity to treat over 4 million patients annually.
The financial details of the acquisition were not disclosed by Manipal Health Enterprises.
“Columbia Asia… will help us advance our commitment to provide outstanding patient care,” said Ranjan Pai, chairman of Manipal Education and Medical Group, which controls the hospital chain.
The adviser for Manipal Health Enterprise was Allegro Capital, while for Columbia Pacific it was Morgan Stanley.
The acquisition of Columbia Asia is a sign of further consolidation in the healthcare space in India over the last two years. Earlier this year, Radiant Life Care completed its merger with Max Healthcare Ltd, while Fortis Healthcare was acquired by Malaysia-based IHH Healthcare Berhad in 2018 after a long-drawn battle with Radiant. Manipal Health Enterprises was also in the fray for Fortis Healthcare then.