Fortis Healthcare will sell its 64% stake in Dental Corporation to Bupa for $264 million Australian ($278 million U.S.).
The deal is expected to be completed in March 2013, subject to shareholder and regulatory approvals, according to Fortis.
Fortis had owned shares of Dental Corporation since January 2011 and has helped grow the business from 140 to 190 dental practices in Australia and New Zealand, the company noted. However, Fortis had not been able to expand the business beyond those two countries. The divestment is in line with Fortis' focus on healthcare in Asia and on developing, staffing, operating, and managing healthcare assets that cater to complex clinical work at the higher end of the medical delivery value spectrum.
Dental Corporation is a practice management firm that partners with general and specialist dental practices to provide a range of support services.
