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Spice Global keen to acquire Forbes
Media Ozi Amanat
Singapore, March 10:
Entrepreneur BK Modis Spice Global has expressed interest in acquiring Forbes Media as part of the
groups plan to diversify, an industry source said here.
Ozi Amanat, president and chief investment officer of Singapore-based Spice Global, however, declined to
comment on recent media reports linking the Indian billionaires next big investment to the US media
group.
No comment, said Amanat in a response to a PTI query.
He, however, described Forbes Media as the worlds top brand and an incredibly attractive investment
proposition.
The Forbes family has asked for $500 million for the business magazine and web properties, the source
said.
Three international bidders, including Spice Global, have valued the assets at between $300 million and $
500 million, the source added.
According to media reports, German digital media company Axel Springer and Chinese conglomerate
Fosun International were the other bidders.
The Forbes Media deal would be completed in about a month, said the source on condition of anonymity.
The final round of discussions was taking place on an individual basis following blind auction
submissions by the three bidders, according to the source. The bidders have completed due diligence, the
source said.
Forbes Media would put Spice Global in developed markets and expand its range of businesses, which
include telecommunications, entertainment and healthcare.
Meanwhile, Spice Global has finalised a $250 million plan for Saket Smart Living in New Delhi as further
expansion of the recently refurbished 350-bed hospital.
This would include a 1,500-bed hospital, medical research and rehabilitation centres in a complex spread
over 16 acres.
The hospital, expected to be ready by the end of 2017, has a collaboration agreement with Singapores
healthcare group, Parkway Holdings.
Modi is focusing on developing smart health and smart living concepts as part of the healthcare business,
which would offer internet-based and television-linked services to patients globally.
Spice Global is also preparing to start operations at two smart living centres one at Rishikesh on the
banks of the Ganga in Uttarakhand and the other near Gurgaon.
Smart Living Centres are non-profitable establishments, she said during Spice Globals Global Citizen
Forum and Smart-living conference held here over the weekend.
The regions top medical experts addressed the two-day gathering attended by Modis business associates.