CIEL Limited (MUSE:CIEL.N0000) and CIEL Healthcare Ltd entered into a share purchase agreement to acquire an additional 28.89% stake in The Medical and Surgical Centre Limited (MUSE:MASC.I0000) from Fortis Healthcare International Limited for approximately MUR 390 million on May 17, 2019. CIEL Limited will acquire 114 million shares and CIEL Healthcare will acquire 50 million shares. The shares will be acquired at a consideration of MUR 2.39 per share.

The consideration is payable upon consummation of transaction. Post Transaction, CIEL's shareholding will amount to 20.08% and CIEL Healthcare's shareholding will increase from 58.60% to 67.41%. The transaction is subject to approval from shareholders of Fortis Healthcare and corporate and regulatory approvals.

As of July 8, 2019, the transaction was approved by the shareholders of Fortis Healthcare. The transaction is expected to complete on or before August 31, 2019. DLA Piper LLP acted as legal advisor to Fortis Healthcare International Limited.