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MarketScreener Homepage  >  Equities  >  BURSA MALAYSIA  >  IHH Healthcare Bhd    IHHH   MYL5225OO007

IHH HEALTHCARE BHD

(IHHH)
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Exclusive - KKR, CVC, other PE firms bid for Asian hospital business: sources

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03/19/2019 | 06:57am EDT

SINGAPORE (Reuters) - Columbia Pacific Management's Asian hospital business has drawn interest from global private equity players including KKR, CVC and Carlyle, in a sale the U.S. investment company sees fetching about $2 billion, sources with knowledge of the matter said.

Columbia Asia is offering a portfolio of 30 mid-sized medical facilities, mainly in India and Malaysia, where healthcare spending is growing rapidly.

A successful deal would make it the biggest transaction in Southeast Asia's hospital sector in nine years and one of the largest in Asia over the last decade, according to data from Refinitiv.

"This type of asset doesn't come to the market too often, and the opportunity to invest in this is not lost on most PE players," said one source.

Another said the sale drew first round, non-binding bids from a number of financial investors, including sovereign wealth funds.

Columbia Asia, part of Seattle-based Columbia Pacific Management, opened its first hospital more than two decades ago. It has 12 hospitals each in India and Malaysia, three in Indonesia, and two hospitals and one clinic in Vietnam.

Columbia Pacific has a separate healthcare venture in China.

Interest for the Asian business also came from Ramsay Sime Darby, a venture of Malaysia's Sime Darby Bhd and Australian-listed Ramsay Health Care Ltd, and Asia's largest premium hospital group IHH Healthcare Ltd, the sources said.

KKR, Carlyle, CVC, IHH and Ramsay Health Care declined comment. There was no immediate response to an email query sent to Columbia Pacific.

The sources declined to be identified as they were not authorised to speak to the media. Monday was the deadline for first round bids, the sources said.

Once the suitors are short-listed, second round bids are expected by the end of June, the sources said.

"Healthcare is hot but the sellers are coming in with some very high expectations," said one executive from a private equity firm.

Columbia Asia said in March 2018 it had raised $210 million from existing investors, led by Mitsui & Co Ltd, to help it expand operations. At that time, the hospitals group said it would have 45 hospitals by 2025, based on its current pace of growth.

Mitsui declined comment on the sale process.

Columbia Asia's website says it focuses on setting up mid-size hospitals in residential areas for accessibility and efficiency and to help keep costs down for consumers.

Appetite for dealmaking has been strong in the hospitals sector.

Last November, Mitsui & Co agreed to become the biggest shareholder of IHH Healthcare by paying about $2 billion to increase its stake in the company.

(Reporting by Anshuman Daga in SINGAPORE; Additional reporting by Kane Wu in HONG KONG and Yuka Obayashi in TOKYO; Editing by Tom Hogue and Mark Potter)

By Anshuman Daga

Stocks mentioned in the article
ChangeLast1st jan.
IHH HEALTHCARE BHD End-of-day quote.
RAMSAY HEALTH CARE LIMITED 0.11% 72.08 End-of-day quote.24.72%
SIME DARBY BERHAD End-of-day quote.
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Financials (MYR)
Sales 2019 13 962 M
EBIT 2019 1 966 M
Net income 2019 1 000 M
Debt 2019 3 525 M
Yield 2019 0,58%
P/E ratio 2019 51,17
P/E ratio 2020 40,87
EV / Sales 2019 3,87x
EV / Sales 2020 3,15x
Capitalization 50 526 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 6,29  MYR
Spread / Average Target 9,2%
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NameTitle
See Leng Tan CEO, MD & Non-Independent Executive Director
Mohammed Azlan bin Hashim Chairman
Suet Wun Lim Group Chief Operating Officer
Soon Teck Low Group Chief Financial Officer
Mehmet Ali Aydinlar Non-Independent Executive Director
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