KKR & Co has emerged as the preferred bidder to buy a minority stake in Avisena Healthcare in a deal that could value the Malaysian healthcare firm at about 1.5 billion ringgit ($370 million), two people with direct knowledge of the matter said.
The parties could sign a deal as soon as early September, the people said, declining to be named as the matter is private.
Reuters reported on July 2 that global investment firms Bain Capital, KKR and Southeast Asia-focused private equity firm KV Asia Capital had been shortlisted to buy about 20% to 25% of Avisena in a deal that could be worth 300 million to 400 million ringgit.
KKR and Bain Capital declined to comment. Avisena Healthcare and KV Asia did not immediately respond to requests for comment.
The deal comes as healthcare assets in Southeast Asia draw investor interest. Rising incomes, ageing populations and demand for private medical treatment have supported the sector.
Malaysia’s Sunway Healthcare raised 2.9 billion ringgit in an initial public offering this year, the country’s biggest listing in nine years. TPG hired banks to explore options for Asia OneHealthcare, including a potential sale or IPO.
Avisena began as a small medical facility in Shah Alam in 1996 and was rebranded in 2018, according to its website. It has since expanded and now includes Avisena Specialist Hospital, Avisena Specialist Hospital 2 and Avisena Renal Care.
It has five medical facilities, more than 75 resident specialists across 60 specialty areas and serves more than 250,000 local and international patients annually, its website showed.
($1 = 4.0560 ringgit)
Reuters
