Warburg Pincus shortlisted to buy Singapore medical services provider Fullerton Health

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The Singaporean private equity firm Coalition Capital Partners and Warburg Pincus has been shortlisted to buy Singaporean medical services provider Fullerton Healthcare Corp. in a deal estimated to be worth about $1 billion, according to people with the knowledge of the matter.

Binding bids from the U.S. and Southeast Asian buyout firms were expected at the end of the month, said the people who asked not to be named as the process is private. Others could emerge and there is no guarantee that a sale will be completed, the people said.

Any deal would add to the $7.7 billion in public health services M&A in Asia Pacific that year, according to Bloomberg showing. Besides Fullerton, Bloomberg News also sought to sell an interest in a health-care business in the region, Malaysia's Sunway Group reported last year.

Fullerton Health, whose shareholders include Singaporean private equity firm SIN Capital Group, tapped Bank of America Corp. to revive the previously scrapped sale as the pandemic has helped boost its business, the people said in January.

The company, which was founded in 2010, operates medical facilities in nine Asia-Pacific markets from China to Malaysia and Australia and offers general practitioner, screening and diagnostic services according to its website. Backed by We Doctor Holdings Ltd., Ping An Insurance Group Co. is also working in China with Ping An Insurance Group Co. to set up a specialist outpatient clinic and primary care.

A representative for Warburg Pincus declined to comment. Coalition Capital and Fullerton Health did not respond to requests for comment.

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