Hospital management solution provider Concord Medical Services Holdings (CCM) has signed a purchase agreement with Fortis Healthcare to acquire a hospital in Singapore for S$55m ($39m).
Under the deal, Concord’s wholly-owned subsidiary Concord Medical Services International will acquire Fortis Surgical Hospital from subsidiary Fortis Healthcare International.
Concord Medical chairman Jianyu Yang said: "After the completion of the acquisition, Singapore Concord Cancer Hospital will be integrated into CCM’s hospital network and extension of overseas business."
Founded in July 2012, the facility provides the full spectrum of clinical interventions, including laparoscopic and robot-assisted surgeries.
The acquisition will add Concord renowned surgeons that can deliver advanced surgical procedures in colorectal, urology, gynaecology, plastic and general surgeries.
Once the deal is complete, Concord intends to change the 31-bed facility’s name to Singapore Concord Cancer Hospital, and will add additional medical specialities such as oncology, cardiology, respiratory, dermatology, renal medicine, endocrinology radiotherapy and robot-assisted surgery.
Concord Medical plans to complete the deal in April. The company operates radiotherapy and diagnostic imaging centres in China. It has a network of 139 centres with 80 hospital partners in 56 cities and 25 provinces and administrative regions in the country.