TPG is exploring strategic options for its stake in Kuala Lumpur-based medical services provider Asia OneHealthcare, including a potential sale or initial public offering, according to a report by Bloomberg citing unnamed people familiar with the matter.
The private equity firm has been consulting advisers involved in Sunway Healthcare Holdings Bhd’s upcoming IPO to assess potential approaches. Preliminary valuations suggest the company could be worth up to MYR30bn ($7.6bn). No final decisions have been made though, and TPG may ultimately retain its stake.
TPG, together with Hong Leong Group, acquired a portfolio of hospitals from the group, then known as Columbia Asia Healthcare, for approximately MYR30bn ($1.2bn) in 2019. Since then, Asia OneHealthcare has expanded through both organic growth and acquisitions, including the 2023 purchase of the hospital unit of Australia’s Ramsay Health Care and Malaysian conglomerate Sime Darby for MYR5.7bn. Other shareholders include the Abu Dhabi Investment Authority and Malaysia’s Employees Provident Fund.
The move comes amid a surge of private equity deal-making in Southeast Asia. TPG recently agreed to sell a majority stake in XCL Education Holdings to KKR in a transaction valued at roughly $1.3bn, while KKR also led the acquisition of Singapore-based data centre operator STT GDC for $5.2bn.
Sunway Healthcare is set to list on 18 March in a MYR2.86bn IPO, the largest in Malaysia in nearly a decade, with Malayan Banking, AmInvestment Bank, UBS, HSBC and Jefferies acting as joint bookrunners.
