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Business

IHH to acquire medical business in Singapore for $110M

SINGAPORE -- Malaysia's IHH Healthcare has entered into an agreement to acquire Radlink-Asia, the Singaporean arm of India's Fortis Healthcare International, which specializes in operating diagnostic imaging clinics. The considered amount for acquisition is 137 million Singapore dollars ($110 million). IHH aims to expand its business in Singapore on the back of rising demand for hospitals and clinics due to the aging population.

     IHH will be acquiring Radlink through its wholly-owned subsidiary Medi-Rad Associates. With the acquisition, IHH will be able to obtain all of Radlink's clinics in Singapore that provide services such as PET scans, X-Ray, ultrasound and mammography. The clinics are located in both prime commercial locations such as Orchard Road, as well as in residential areas.

     IHH is expanding its medical service capacity in Singapore on the back of the city-state's aging society. The firm will be adding beds in Mount Novena Elizabeth Hospital and will start offering radiation oncology services by the March 2015. The firm currently runs four hospitals as well as a network of health care clinics in Singapore.

     The transaction is also in line with Fortis' strategic realignment of its businesses to intensify focus on its core hospitals and diagnostics business in India. Its new facility in Chennai is nearing completion, and the firm launched its flagship research institute in Gurgaon in May 2013.  

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