Malvinder Mohan Singh and Shvinder Mohan Singh promoted Fortis Global Healthcare Holdings on Sunday said it would acquire the healthcare businesses of Hong Kong-listed Quality Hea­lthcare Asia for an aggregate consideration of ar­ound Rs 882 crore.

In a statement, the firm said the deal marks an important step in achieving the promoter family’s vision of creating a premier pan-Asia healthcare business.

Fortis Global Healthcare will acquire five subsidiaries of Quality Healthcare Asia (QHA). However, the elderly healthcare bu­sinesses of QHA will not be part of the deal.

“Fortis Global Healthcare Holdings... has agreed to acquire the healthcare businesses of Hong Kong-listed QHA...,” Fortis Global Healthcare said. An agreement to this effect was reached between the two companies on October 8.

Meanwhile, a statement from QHA said: “The consideration of the transaction shall be an amount in cash equal to the aggregate sum of HK$1,521 million (the bid value) and... The base working capital (HK$20 million)... subject to the working capital adjustment.”

The five subsidiaries of QHA to be acquired by Fortis Global Healthcare are Quality HeatlhCare, Quality HealthCare Medical Holdings, Quality HealthCare Medical Services, Quality HealthCare Services and Portex.

Commenting on the development, Fortis Global Healthcare chairman Malvinder Mohan Singh said: “Quality Healthcare is a premier healthcare brand in Hong Kong and is Hong Kong’s leading private healthcare provider. We are believers in the long-term growth prospects of the Asian healthcare space and the benefits of a world-class pan-Asian integrated healthcare delivery system.”

He said Hong Kong and China offer growth prospects for the healthcare business and the company will look to support the team at QHA in achieving that goal. The latest acquisition announcement comes a few months after Singh family-owned Indian hospital chain, Fortis Healthcare sold its entire 25.37 per cent stake in Singapore's Parkway to Malaysia-based Khazanah for an estimated Rs 3,800 crore.

At that time, Singh had said he was looking to enter into new businesses as well as expand in the Asian region. QHA is Hong Kong’s largest private integrated healthcare service platform with specialisation in medical services and allied health services, said the statement from Fortis Global Healthcare. It earned a total revenue of $12.68 million in 2009.

“The acquired businesses comprise a network of over 60 wholly-owned medical centres, over 500 affiliated clinics, over 40 dental and physiotherapy centres and a private nursing agency with a database of over 3,000 nurses,” it added.

The agreement could lead to change of name by the Hong Kong based company. In such a case, the word Quality would be removed from its corporate name.