Malaysia-based Hong Leong Group and global asset firm TPG have agreed to acquire all 17 Columbia Asia Hospitals in Southeast Asia in a deal that is being is valued at $1.2 billion USD. Based upon completing various legal requirements for the acquisition, the deal is expected to close by the end of this year.
Hong Leong and TPG will acquire 17 Columbia Asia Hospitals and two clinics that are located in Indonesia, Malaysia and Vietnam. Columbia Asia Hospitals will still own and manage 11 hospitals in India, which are not a part of the Southeast Asia transaction and will continue to operate without any brand, management or operations changes, under their current ownership agreements.
In Vietnam, there are two Columbia Asia hospitals, in Ho Chi Minh City, and Binh Duong province and one clinic located also in downtown Ho Chi Minh City. Together, these three facilities offer 120 beds and can provide patients, with services ranging from medical, critical care, diagnostic and surgical.
Dilip Kadambi, Interim-CEO and Chief Financial Officer noted that healthcare is hugely underserved in the Southeast Asia and the medical group has taken the initiative to invest in 18 healthcare facilities with 1,494 beds in Indonesia, Malaysia and Vietnam over the past 20 years.
Kadambi said, “Under the aegis of Hong Leong and TPG, we will continue to scale this platform further. We have nine ongoing projects adding an additional bed capacity of 898 beds in Southeast Asia at various stages of development.“