Manipal Hospitals, one of India's largest multi-specialty healthcare providers, will acquire 100% stake in Columbia Asia Hospitals Private Limited (Columbia Asia). The acquisition will help Manipal Hospitals expand its footprint and foray into East India. Together, the combined entity will have a presence of 27 hospitals across 15 cities with over 7,300 beds and a pool of over 4,000 doctors and over 10,000 employees.
The transfer of ownership to Manipal Hospitals is expected to complete post regulatory approvals. "The strong clinical expertise and breadth of services of Manipal Hospitals, complemented by the strengths of Columbia Asia in clinical and service quality, will ensure that the integrated organisation would be uniquely placed to improve access and address the growing demand for high quality tertiary and quaternary healthcare in the country," Manipal Hospitals said in a statement.
It said the "strong clinical expertise and breadth of services" of Manipal Hospitals, complemented by the strengths of Columbia Asia in clinical and service quality, will place the combine entity at a unique position.
"Columbia Asia makes a compelling strategic fit to our core values of clinical excellence, patient centricity and ethical practices, and will help us advance our commitment to provide outstanding patient care," Dr Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG) said.
Started in 2015, Columbia Asia Hospitals currently operates 11 hospitals across the country, including in Bangalore, Mysore, Kolkata, Gurugram, Ghaziabad, Patiala and Pune. The network comprises of over 1,300 beds, 1,200 clinicians and 4,000 employees.
Dan Baty, Chairman, Columbia Pacific Management said the 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.
The acquisition of Columbia Asia will provide Manipal Hospitals a larger national footprint. "Treating over 4 million patients annually, it would rank amongst the largest healthcare provider networks in the country," Manipal Hospitals said. The advisers for Manipal Health Enterprise was Allegro Capital and Columbia Pacific was advised by Morgan Stanley.