Fortis Healthcare, India’s fastest-growing healthcare company, has announced the acquisition of a 23.9% strategic stake in healthcare service provider Parkway Holdings from TPG Capital (formerly Texas Pacific Group).

Parkway has a network of 16 hospitals having 3,400 beds spread over six countries, including India. The deal size is estimated to be about US$685.3 million ($959.4 million).

Fortis has entered into a definitive agreement with TPG Capital, one of the world’s leading private investment firms, to acquire its 23.9% stake in Parkway.

Fortis intends to seek four seats on the board of directors of Parkway and also to nominate Malvinder Mohan Singh (current Chairman of Fortis Healthcare) as the Chairman of the Board of Directors of Parkway.