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.