August 20, 2013 / 09:42 IST
Japan's Mitsui & Co and US private equity firm Carlyle Group have submitted preliminary bids for Quality Healthcare Medical Services, which is being sold by India's Fortis Healthcare and is valued at around USD 300 million, people familiar with the matter said.
Established in 1868, Quality Healthcare is the largest provider of healthcare services to corporations in Hong Kong, with a network of 50 medical centres, more than 500 affiliated clinics and more than 20 dental and physiotherapy centres.At least 10 suitors submitted bids by last week's deadline, including buyout firm Advent International and other companies, one of the persons with direct knowledge of the matter told Reuters. Mitsui and Carlyle declined to comment and Advent also did not comment. A Fortis spokesman in India declined to comment.Quality Healthcare was bought by a vehicle owned by Malvinder Mohan Singh and his brother Shivinder in October 2010 for HK USD 1.5 billion or about USD 190 million. In 2011, Fortis Healthcare had acquired all the international operations of the family business.The sources declined to be identified as the discussions were confidential. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
