Deals
Fortis Opts for India Tycoons Over TPG, KKR in Hospital Deal
- Company accepts proposal from two local business families
- Bidders drawn by opportunity to expand in Indian market
A Fortis Hospital is seen in Delhi, India, on Jan. 29 2018.
Photographer: Nasir Kachroo/NurPhoto via Getty Images
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Fortis Healthcare Ltd.’s board passed over bids backed by U.S. private-equity giants TPG and KKR & Co. in favor of local tycoons in the contentious battle for control of India’s second-largest hospital chain.
The drawn-out takeover fight moved a step closer to a conclusion after the Fortis board late Thursday chose a joint proposal from two Indian business families. The rejected offers include bids by TPG-backed Manipal Health Enterprises Pvt. and KKR-backed Radiant Life Care Pvt.