Singapore’s Fullerton Health enters PH market with Intellicare acquisition

Image sourced from Fullerton Health web portal

Singapore-based integrated healthcare platform Fullerton Health has entered the Philippine market after completing its acquisition of a 60 per cent stake in health maintenance organisation (HMO) firm Intellicare Group.

The acquisition was first proposed by Fullerton on December 11, 2017, citing the Philippines as an important market in the Asia Pacific for the company, underpinned by what it describes as underlying growth drivers.

“The acquisition reinforces Fullerton Health’s strategy of developing its presence in markets across the Asia Pacific region and is aligned to the ambition of providing accessible, affordable and sustainable healthcare,” Fullerton said in a statement.

The Intellicare Group comprises three companies: Asalus, an HMO engaged in the delivery of managed healthcare services; Avega, a provider of third-party administration services to corporates; and Aventus, a chain of nine outpatient multi-specialty clinics.

Financial details of the acquisition were not revealed but DEALSTREETASIA reported last month that the International Finance Corporation, a member of the World Bank Group, proposed to extend debt financing of up to $40 million to support Fullerton’s acquisition of Intellicare and other related healthcare providers.

Fullerton plans to establish a vertically integrated managed healthcare platform in the Philippines that will comprise Intellicare, as well as the rollout and acquisition of other related firms.

Fullerton Health co-founder and group CEO Micheal Tan said in a statement that the acquisition takes Fullerton into its eighth country in the Asia- Pacific.

“With a population of over 100 million people, the Philippines offers great growth potential for the company, and the potential synergies between our two businesses, together with our operational and technological capabilities, will allow us to deliver increased benefits and services to even more corporates and patients across the country,” he said.

Founded in Singapore in 2011, Fullerton Health owns over 500 medical centres and have a large global network of medical providers across 8 countries in Asia.

Also Read:

IFC may extend $40m loan to finance acquisitions by Fullerton Health Philippines

Fullerton Healthcare eyes US IPO after shelving Singapore listing plan

Singapore Reporter/s

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

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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.