Manipal Hospitals, India’s second-largest hospital network, has reached a binding agreement to acquire an 87% stake in Medica Synergie, a move that furthers its outreach in the country’s eastern region.

As per sources, the acquisition of Medica Synergie, a hospital chain headquartered in Kolkata in the Indian state of West Bengal, is valued at around $180m.

Through the purchase, Manipal Hospitals now oversees the treatment of seven million patients annually across 37 hospitals in 19 cities and 14 states.

The addition has increased Manipal Hospitals’ bed capacity to more than 10,500, surpassing Apollo Hospitals’ 10,103 bed count and establishing it as the largest hospital chain in India.

Commenting on the benefits of the deal, Manipal Hospitals said: “By leveraging the clinical expertise and infrastructure of Medica Synergie, along with the combined operations of its extensive network, Manipal Hospitals will be well-positioned to meet the increasing demand for high-quality tertiary and quaternary healthcare services in Eastern India.”

This transaction aligns with Manipal Hospitals’ strategy to expand its reach in Eastern India and is expected to be finalised after the completion of standard procedures.

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The rebranding of Medica Synergie and its integration into the Manipal Hospitals’ portfolio are planned as part of the consolidation process.

Allegro Capital Advisors, Khaitan and Co., and KPMG offered advisory services to facilitate the transaction for Manipal Health Enterprise.

Manipal Hospitals MD and CEO Dilip Jose stated: “We are delighted to welcome Medica Synergie with its highly talented team of professionals into the Manipal family.

Jose further noted: “Together, we are poised to deliver enhanced, exceptional quality healthcare to our patients across Eastern India, including in the cities of Kolkata, Siliguri, and Ranchi.”

Temasek-backed Manipal Hospitals has a team of over 5,600 doctors and more than 18,600 employees. In September 2023, Manipal Hospitals picked an 84% stake in AMRI Hospitals, also based in Kolkata.