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Fortis Healthcare Acquires Stake in Agilus Diagnostics

NextEdge Admin

21 Dec 2024

2 min 3 sec

diagnostic,acquisition,Fortis Healthcare

Fortis Healthcare Ltd has acquired 5,970,149 equity shares, representing a 7.61% stake, in its subsidiary Agilus Diagnostics Ltd from the International Finance Corporation (IFC). The transaction, valued at ₹429.37 crore, was executed at ₹719.2 per share, as outlined in the shareholders’ agreement.

This acquisition marks the first step in Fortis Healthcare’s broader plan to consolidate a 31.52% equity stake in Agilus Diagnostics. Beyond the stake acquired from IFC, the company will also purchase an additional 23.91% equity from NYLIM Jacob Ballas India Fund III LLC (15.86%) and Resurgence PE Investments Ltd (8.05%), both related entities to Agilus. These transactions are expected to be finalized soon, and Fortis has committed to informing stock exchanges upon their completion.

Agilus Diagnostics, established in 1995, is India’s largest diagnostic service provider with extensive operations across the country. As of November 30, 2024, it operates 407 laboratories, over 4,000 customer touchpoints, and 14,000 pickup points, covering 532 districts in 30+ states and union territories. Its international presence includes advanced laboratories in Dubai and joint ventures in Nepal.

Shares of Fortis Healthcare closed 0.12% lower at ₹677.20 on the BSE following the announcement. The acquisition underscores Fortis’s commitment to strengthening its position in the diagnostics sector, aligning with its strategic growth objectives.