Fortis accepts Rs 40-bn investment offer from IHH at Rs 170 per share

IHH said in a statement it expects the deal to be completed in the fourth quarter and does not expect it to have any material effect on profits for the year ending December 31

India's Fortis Healthcare Ltd said on Friday it accepted an investment offer from Malaysia's IHH Healthcare Bhd, capping a months-long bidding war for control of the firm that drew interest from domestic and international suitors.

Cash-strapped Fortis said IHH will invest Rs 40 billion ($584.11 million) at Rs 170 per share in the company that operates about 30 private hospitals in India, where the race to cash in on a private healthcare boom is heating up. The offer is at a 19.5 per cent premium to Fortis' closing price on Thursday.

Northern TK Venture Pte Ltd, Singapore, a unit of IHH, will