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Cyril Amarchand, Khaitan, Trilegal, Luthra, Allen Gledhill advise on Singapore-Malaysia $1.1bn buy Fortis Healthcare

Fortis Healthcare Limited was aquired by Malaysian-Singaporean healthcare group IHH Healthcare Berhad (through its wholly owned subsidiary, Northern TK Venture Pte Ltd), through a preferential issue of equity shares of Fortis for a consideration of Rs 4,000 crores at a price of Rs 170 per Equity Share amounting to 31.1% of Fortis’ share capital, as reported by Mint and others.

Cyril Amarchand Mangaldas managing partner Cyril Shroff and Mumbai-based corporate partner Ruetveij Pandya advised Fortis Healthcare Limited, according to the firm’s press release.

Khaitan & Co acted as Indian counsel to IHH Healthcare Berhad , according to its press release. The core transaction team comprised partner Haigreve Khaitan, partner Anand Mehta, partner Arindam Ghosh, associate partner Ashraya Rao and principal associate Soumyadri Chattopadhyaya. Also assisting were, on the open offer: partner Sudhir Bassi, senior associate Arpita Anand and associate Shashank Patil. In litigation: partner Sanjeev Kapoor, principal associate Saman Ahsan, principal associate Aditya Ganju and associate Aayush Jain. In competition: associate partner Sagardeep Rathi, principal associate Pranjal Prateek, associate Akash Karmarkar and associate Aman Singh Baroka. In corporate (due diligence): senior associate Niharika Mepani and associate Nupur Pandit.

Singaporean firm Allen & Gledhill acted as legal advisor for IHH Healthcare Berhad with the documents being signed on July 13, 2018.

Update 14 July 2018: According to the company’s press release, the Fortis Healthcare Board considered the legal advice of Luthra & Luthra. According to the Economic Times, Luthra acted on the fraud investigation. Partners Rajiv Luthra and Vaibhav Kakkar led the team.

Update 2, 14 July 2018: The company confirmed that Luthra was “advising Fortis in a significant way during the transaction”, adding that “Mr Rajiv Luthra, managing partner, and Mr Vaibhav Kakkar, partner, along with their teams advised the Company during the transaction as well as in various other matters leading up to the transaction. ​

Update 3 14 July 2018 16:43: A Trilegal spokesperson said that the firm’s partners Harsh Pais and Upasana Rao, senior associate Sanjam Arora and associate Pooja Menon also advised IHH Healthcare Berhad with Khaitan as transaction co-counsel.

The acquisition triggers an open offer by IHH to the public shareholders for at least 26% of Fortis for an amount of around Rs 3,300 crores and Fortis Malar Hospitals to give it full control of the company.

IHH defeated a rival bid by TPG-backed Manipal Health Enterprises for Fortis.

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

Click here if you are working with a law firm that has not been credited for this deal, and we will update the report promptly.

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