New Delhi, Nov 2 (IANS): Manipal Hospitals on Monday said that it has entered into a definitive agreement to acquire a 100 per cent stake in Columbia Asia Hospitals Private Limited in India for an undisclosed amount.

The transfer of ownership to Manipal Hospitals is expected to be completed post regulatory approvals, said a statement.

Commenting on the deal, Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG), said: "This is the start of an exceptional journey for us and together with Columbia Asia, we are now bigger, stronger and uniquely positioned to meet the growing expectations of the communities we serve across the country."

Columbia Asia Hospitals commenced operations in India in 2005 in Hebbal, Bengaluru and presently operates 11 hospitals across the country, in Bengaluru, Mysore, Kolkata, Gurugram, Ghaziabad, Patiala and Pune. The network comprises of over 1,300 beds and 4,000 employees.

Sharing his views on the transaction, Dan Baty, Chairman, Columbia Pacific Management said:" This combination of Columbia Asia and Manipal Hospitals is very exciting because of the strong cultural alignment between the two companies - and the opportunity it provides for continued growth."

The acquisition of Columbia Asia offers a remarkable geographical and cultural fit, and provides Manipal Hospitals a larger national footprint, the statement said.

Columbia Asia is managed by Seattle-based Columbia Pacific Management, Inc. Columbia Pacific has developed oversees healthcare businesses in India, China, South East Asia and Africa.

In January 2020, Columbia Pacific announced the sale of the Columbia Asia hospitals in Malaysia, Vietnam and Indonesia to a joint venture between Hong Leong and TPG. The company began operations in India in 2005 and currently operates 11 corporate hospitals and a tele-radiology business.