TPG Inc. is considering options for Asia OneHealthcare Sdn., including a sale or initial public offering, amid increasing deal activity for private equity-owned assets, according to people familiar with the matter.
TPG has been speaking with advisers working on a separate IPO by Sunway Healthcare Holdings Bhd. to evaluate a course of action, the people said, asking not to be identified because the deliberations are private.
A deal might value the Kuala Lumpur-based medical services provider at as much as RM30bil, two of the people said.
Considerations are preliminary and no final decisions have been made, the people said. TPG may also decide to keep its stake in the health-care firm, the people added, without disclosing the size of the holding.
A representative for TPG declined to comment.
Hong Leong Group and TPG acquired a batch of hospitals from Asia OneHealthcare, then known as Columbia Asia Healthcare, for about US$1.2bil in 2019. The company has expanded both organically and via acquisitions, including the purchase of the hospital unit of Australia’s Ramsay Health Care Ltd. and Malaysian conglomerate Sime Darby Bhd
. for RM5.7bil in 2023.
Other shareholders in Asia OneHealthcare include Abu Dhabi Investment Authority and Malaysia’s Employees Provident Fund.
TPG has been involved in other recent deals in Southeast Asia, including agreeing to sell a majority stake in XCL Education Holdings Pte to KKR & Co. in a transaction valuing the school operator at about US$1.3bil. KKR also led a group that agreed to acquire data center operator STT GDC Pte for US$5.2bil.
Sunway Healthcare, meanwhile, is expected to list on March 18 in a RM2.86bil IPO, which would be the biggest debut in Malaysia nine years. Malayan Banking Bhd., AmInvestment Bank Bhd., UBS Group AG, HSBC Holdings Plc and Jefferies Financial Group Inc. are among banks arranging the IPO. - Bloomberg
