PH Digest: KKR, GIC close Metro Pacific deal; Arcade City eyes ride-hailing

A consortium led by private equity firm KKR & Co has completed its $685-million investment in Metro Pacific Hospitals while American ride-hailing app Arcade City announced its plan to reenter the Philippines.

KKR, GIC complete $685m investment in Metro Pacific Hospitals

Philippines-based Metro Pacific Investments Corp (MPIC) announced the completion of a $685-million investment by a consortium of KKR & Co and GIC into its hospital unit.

The completion of the deal, first announced in October, gives the consortium a 42.5-per cent stake in Metro Pacific Hospitals, operator of the largest private hospitals and healthcare network in the Philippines.

The KKR-led consortium subscribed to 41.4 million new common shares in Metro Pacific Hospitals worth 5.2 billion pesos ($102 million). Additionally, the KKR-led consortium also invested in a 30.1-billion pesos ($583 million) mandatorily exchangeable bonds issued by MPIC.

“With this new investment, coupled with the expertise that KKR and GIC bring to Metro Pacific Hospitals, we will be in an even stronger position to meet patients’ needs and capture new opportunities through organic expansion, acquisitions and investments, and the adoption of new technologies,” Metro Pacific Hospitals President and CEO Augusto Palisco Jr said.

US ride-hailing firm Arcade City to reenter PH

A year after it was blocked by local regulators, US ride-hailing firm Arcade City seeks to reenter the Philippines to challenge local players Grab and Angkas, according to an ABS-CBN report.

The report said the company is relaunching its app worldwide on January 1, 2020 and will make a significant push in the Philippines for both bike and car ride-hailing transportation.

Arcade City describes itself as a decentralized and peer-to-peer ride-sharing platform, where drivers and passengers can negotiate fares themselves. Platforms like Grab and Angkas set the fares through their apps based on guidelines from transport regulators.

The move, however, is expected to be challenged by the local regulator, the Land Transportation Franchising and Regulatory Board (LTFRB). Last year, the LTFRB directed Arcade City to stop its operations because it ran as a Transportation Network Company without coordinating with the agency.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.