New Delhi: Fortis Healthcare has sought the Competition Commission of India's approval for its proposed acquisition of another 31.52 per cent stake in its diagnostics arm, Agilus, from private equity players.
In its application to the CCI last week, Fortis said its shareholding in Agilus Diagnostics after the proposed transaction will rise to 89.2 per cent from 57.68 per cent, but the deal does not cause, nor is likely to cause, “an appreciable adverse effect on competition in any market in India”. Fortis is reportedly acquiring the stake from NYLIM Jacob Ballas India Fund III LLC, International Finance Corporation and Resurgence PE Investments for 1,780 crore, valuing Agilus at about 5,700 crore. Agilus is engaged in setting up, managing, maintaining clinical reference laboratories and other laboratories for providing testing and diagnostic services.
Fortis undertakes its diagnostics services business primarily through Agilus, which offers more than 3,600 routine and specialized diagnostics tests as well as wellness packages, according to the application. Fortis provides integrated healthcare delivery services, and its businesses include managing and operating a network of multispecialty hospitals and providing preventive healthcare and diagnostics services.
Approval sought for Aavas stake purchase In another application, Aquilo House Pte has sought the antitrust regulator's approval to acquire shares in Aavas Financiers, a non-deposit-taking housing finance company.
Aquilo, an entity of CVC Capital Partners Asia VI, has entered into definitive agreements to acquire a 26.47% stake in Aavas, CVC had said last month. The shares are to be bought from affiliates of Kedaara Capital and Partners Group.
The execution of the definitive agreements has triggered an obligation for the buyer to make an open offer in accordance with India's takeover rules.