TPG The Rise Fund, a fund managed by TPG Capital, L.P. and Hong Leong Group Malaysia agreed to acquire IMU Health Sdn Bhd from IHH Healthcare Berhad (KLSE:IHH) for a total enterprise value of MYR 1.3 billion on June 7, 2022. IMU Health Sdn Bhd reported a Total revenues of MYR 189.52 million, EBITDA of MYR of 69.79 million and Net Income of MYR 41.59 million in September 30, 2021.The transaction is expected to complete by Q1 2023, subject to the fulfilment of certain conditions precedent. The completion of the IMU SSA is conditional upon, amongst others, receipt of the approval from board of directors of IMU Education.

Rippledot Capital Advisers Pte Ltd. acted as financial advisor to IHH Healthcare Berhad. As of November 9, 2022, Hospital Establishment Approval and the approval to transfer the Hospital Establishment Approval from IM Education to Hospital HoldCo from the MOHE. As on February 2, 2023, MOHE approved the transaction.

Ernst & Young Malaysia acted as financial and tax due diligence provider to TPG Capital, L.P.