NEW DELHI: 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 over Rs 2,000 crore.
The company intends to acquire 100 per cent 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.
Columbia Asia Hospitals commenced operations in India in 2005 in Hebbal, Bengaluru, and presently operates 11 hospitals across the country, the statement said.
"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.