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Asia Digest: Neoasia enters binding round of $100m sale; Warburg, others target PH hospital stake

Asia Digest: Neoasia enters binding round of $100m sale; Warburg, others target PH hospital stake

Photo: REUTERS/Beawiharta

NeoAsia, a Singapore-based medical device supplier, enters a $100-million binding sale round with multiple bidders while Warburg Pincus, CVC, and TPG are vying for a stake in Metro Pacific Hospital, a Philippine hospital group.

Neoasia enters binding round of $100m sale

Singapore-based medical aesthetic devices supplier Neoasia has progressed to the binding round of its sale process that could fetch around $100 million, according to a MergerMarket report.

The report, which quoted sources familiar with the matter, said the sale process has already drawn three to four bidders, including TA Associates, Australia-based Device Technologies, and a Chinese healthcare-focused investment company.

Neoasia, founded in 1995, is fully owned by founder and executive chairman Jimmy Ang. It partners with more than 30 brands offering medical-grade skincare, supplements, medical aesthetic devices, and other equipment, its website shows.

Its international portfolio includes Hydrafacial, Akinacre, TSK, Tropocells, Profhilo, iGrow, and Aliaxin, among others. Neoasia is headquartered in Singapore and operates offices in China, Indonesia, Malaysia, Vietnam, and the Philippines.

OCBC Bank is advising on the sale, with non-binding offers submitted earlier this month, according to the report.

Warburg, CVC, and TPG bid for PH hospital stake

Private equity majors Warburg Pincus, CVC Capital Partners, and TPG are among multiple bidders for a stake in Metro Pacific Hospital Holdings, the largest private hospital group in the Philippines, the Wall Street Journal reported.

The sale, which was initiated last year by a KKR-led consortium, could value the business at about $3 billion, according to multiple reports.

The KKR-led consortium acquired a 42.5% stake in Metro Pacific Hospital for $684.5 million in 2019. KKR and Singapore’s sovereign wealth fund GIC together own 80% of Metro Pacific Hospital, with the remainder held by Metro Pacific Investment Group.

The consortium’s investment deferred the hospital network’s proposed $1.6-billion initial public offering plan and saw Singapore sovereign wealth fund GIC restructuring its holding to join the consortium.

Metro Pacific Hospital is the operator of the largest private hospitals and healthcare network in the Philippines. It holds interests in at least 24 hospitals, many of which are among the country’s largest and most modern, including the Makati Medical Center and Manila Doctors Hospital.

Discussions include the possibility of Metro Pacific Investments, which originally owned the hospital group, repurchasing a stake, the report said.

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