A consortium jointly led by private equity firm TPG’s global impact platform The Rise Fund, and Malaysian conglomerate Hong Leong Group, has secured regulatory approval to acquire the International Medical University (IMU) in Kuala Lumpur for 1,345 million Malaysian ringgit ($306 million), according to a report by Deal Street Asia.
IMU is the medical education arm of the integrated healthcare services provider IHH Healthcare Berhad (IHH).
The report cites a filing made by IHH to Bursa Malaysia on Monday as confirming that Malaysia’s Ministry of Higher Education has approved the deal, which also includes the sale of a hospital owned by IMU to Columbia Asia.
The deal, which was first announced in June last year follows the acquisition by TPG last month of a controlling stake in Malaysia’s Asia Pacific University of Technology and Innovation (APU) from KV Asia for more than $300 million.
TPG Capital Asia, the firm’s Asia-focused PE platform, has also previously invested in K-12 education businesses Sri KDU, Real Schools, and GEMS in Malaysia.