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
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
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.