Fortis to sell 64% stake in Dental Corporation to Bupa

Fortis Healthcare announced to divest 64 per cent stake in Dental Corporation Holdings (DC), Australia. The company's stake in DC will be sold to Bupa for 270 million Australian dollar (around Rs 1,554.36 crore) by March 2013.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap SME Special
Moneycontrol

Home » News » Business

Dec 17, 2012, 09.20 AM | Source: PTI

Fortis to sell 64% stake in Dental Corporation to Bupa

Fortis Healthcare announced to divest 64 per cent stake in Dental Corporation Holdings (DC), Australia. The company's stake in DC will be sold to Bupa for 270 million Australian dollar (around Rs 1,554.36 crore) by March 2013.

Like this story, share it with millions of investors on M3

Fortis to sell 64% stake in Dental Corporation to Bupa

Fortis Healthcare announced to divest 64 per cent stake in Dental Corporation Holdings (DC), Australia. The company's stake in DC will be sold to Bupa for 270 million Australian dollar (around Rs 1,554.36 crore) by March 2013.

Post Your Comments

Share Cancel

Fortis Healthcare announced to divest 64 per cent stake in Dental Corporation Holdings (DC), Australia. The company's stake in DC will be sold to Bupa for 270 million Australian dollar (around Rs 1,554.36 crore) by March 2013. "Fortis Healthcare International Pte Ltd, a subsidiary of Fortis Healthcare today announced its decision to sell its 64 per cent stake in Dental Corporation Holdings Ltd (DC), Australia, to Bupa, for a consideration of Aus $ 270 Mn," the company said in a statement.

Also Read: Fortis Health: Ready for global journey, challenges remain

The deal is expected to be completed in March 2013 subject to shareholder and regulatory approvals, the statement said. "The move is good for Fortis as it aligns the company with its current strategic priorities. This will help consolidate our presence as one of the fastest growing healthcare companies in the region," Fortis Healthcare Executive Chairman and Executive Vice Chairman Malvinder Singh and Shivinder Singh said.

Fortis had entered DC in Jan 2011 and has since added considerable value to the business growing it from 140 dental practices to 190 dental practices in Australia and New Zealand. The model, however, has remained confined to the two countries and in-spite of exploration and backing has found limited acceptance in other Fortis geographies, as originally envisaged, the company said.

Buy, Hold, Sell ? Hear it first on M3
Fortis to sell 64% stake in Dental Corporation to Bupa

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login