 "Mergers and acquisitions, M&A, deals")
Mergers and acquisitions (Photo: Wikimedia Commons)
MGM Healthcare, a renowned multi-specialty quaternary-care healthcare group based in Chennai, announced a significant expansion of its service area through the acquisition of SevenHills Hospital, Visakhapatnam by participating in the Corporate Insolvency Resolution Process of SevenHills Healthcare.
With this acquisition, MGM Healthcare Group has achieved a landmark of over 1,000 beds within the short span of five years since the first hospital was launched. Commenting on the acquisition, Prashanth Rajagopalan, director, MGM Healthcare, said, “MGM Healthcare’s strategic acquisition of SevenHills Hospital marks our first foray outside Chennai and is a milestone in our vision of expanding access to quality, affordable, and personalised healthcare. By joining forces with SevenHills, a respected institution with a deep-rooted legacy in Visakhapatnam, we’re poised to serve patients in Vizag and from the neighbouring states of Telangana, Odisha, and Chhattisgarh.”
“This acquisition aligns with MGM Healthcare’s commitment to thoughtful geographical expansion. We will, with dedication, leverage our strengths to improve the lives of patients through outstanding healthcare.”
Founded in 1988, SevenHills is one of the oldest multi-specialty hospitals in Visakhapatnam and is renowned for providing high-quality care for over 35 years. The tertiary care facility provides care for more than 100,000 patients every year and is accredited by both NABH and NABL. The hospital recorded a revenue of over Rs 100 crore in FY24.
Built on a sprawling campus at Rockdale Layout on Waltair Main Road in the heart of the city, the 11-floor facility has 2,00,000 sq. ft. of built-up area. The hospital has 300 beds and a team of over 100 doctors and 700 staff. SevenHills Hospital offers preventive and curative care across all major specialties including cardiac care, emergency and critical care, medical and gastroenterology, nephrology, urology, cosmetic care, neurology and neurosurgery, and organ transplantation. The infrastructure and facilities include CCU (Critical Care Unit), Intensive Care Unit (ICU), Cath Lab, 128-Slice CT, an automated laboratory unit, deluxe ward, 1.5 Tesla MRI, priority clinic lounge, and modular operation theatres (OT), to name a few.
SevenHills Hospital has an in-house nursing college and training facility accredited by the Government of Andhra Pradesh and is also accredited by the National Board of Examinations to conduct Diplomate in National Board programs in anaesthesiology and general surgery. Ernst & Young acted as the advisory partner for the acquisition.
First Published: Jul 11 2024 | 5:21 PM IST
