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Fortis to buy 30 % stake in Australian firm

NEW DELHI: Fortis Global Healthcare Holdings on Wednesday said it would acquire 30 per cent stake in Australia's Dental Corporation for about Australian $100 million (about Rs.450 crore), subject to regulatory and shareholders' approval.

“Their model of business partnership with principal dentists is a significant point of differentiation driving the success of the business and its rapid growth, while being the most effective way to manage high performing professionals,” Fortis Global Healthcare Executive Chairman Malvinder Mohan Singh said.

The company was a strategic investor in this business and will look to contribute to its growth, he said, adding that Fortis would support Dental Corporation's management and professionals in realising such growth.

Dental Corporation, one of Australia's fastest-growing companies, was founded in October, 2007, to acquire and partner with high-quality general and specialist dental practices.

Dental Corporation Executive Chairman and Co-founder Mark Evans said: “The investment by Fortis is a fantastic outcome for our business and follows an extensive process to introduce the best strategic partner with the vision and financial strength to assist us to deliver our long term growth plans.” He said the investment will allow Dental to continue to expand in Australia and New Zealand and should present opportunities in Asia through the Fortis network.

Fortis' acquisition of stake in Dental Corporation follows its acquisition of Hong Kong based Quality Healthcare in November. — PTI

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