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Khazanah outbids Fortis in race for Parkway Holdings: Singapore law firms Allen & Gledhill, WongPartnership, Stamford Law and Rajah & Tann advise
Malaysian Sovereign wealth fund Khazanah outbid Fortis Healthcare to acquire Parkway Holdings, Southeast Asia's largest hospital chain, for around $2.6 billion.
The winning bid by subsidiary Integrated Healthcare Holdings Limited of Khazanah Nasional, an investment holding arm of the Government of Malaysia, outbid Fortis Healthcare’s $2.3 billion voluntary conditional cash offer (via RHC Healthcare Private Limited, which is owned by RHC Holding Private Limited and Fortis Healthcare Limited) to acquire all the issued and paid-up ordinary shares in Parkway Holdings. Brothers Malvinder and Shivinder Mohan Singh withdrew from the battle agreeing to sell their 25 percent stake to Khazanah for a premium over the price they had bought it for to make nearly $85 million.
Read more at www.barandbench.com