Indonesia’s state-owned Telkom Group has divested its healthcare subsidiary AdMedika to Singapore-based Fullerton Health, as part of a broader portfolio restructuring strategy, confirming a DealStreetAsia exclusive from end-January.
In a company release issued on Monday, PT Multimedia Nusantara (TelkomMetra), one of the subsidiaries of Telkom Indonesia, has signed a conditional share purchase agreement (CSPA) for the full divestment of PT Administrasi Medika (AdMedika), including its subsidiary TelkoMedika, to Fullerton Health.
DealStreetAsia first reported that Fullerton Health was the frontrunner to acquire the healthcare administrator. Two sources familiar with the matter previously told DealStreetAsia the deal could value AdMedika at around $80–100 million, depending on regulatory approvals and the final transaction structure. BNP Paribas is understood to have advised Telkom on the sale process.
The divestment is part of Telkom Group’s broader portfolio restructuring strategy as the state-owned telecom firm sharpens its focus on its core digital and telecom businesses.
“The signing of the CSPA with Fullerton Health, which marks a step toward the full divestment of AdMedika Group, is a carefully measured decision made by upholding the principles of good corporate governance, based on comprehensive business considerations, and aligned with TelkomGroup’s transformation to strengthen its focus on the core business and to create long-term value,” said Pramasaleh Haryo Utomo, president director of TelkomMetra, in the press release.
Telkom has been gradually rationalising its portfolio, seeking to reduce the number of affiliated companies from more than 60 to about 20 by 2027 while reallocating capital towards core infrastructure, connectivity, and data centre assets.
For Fullerton Health, the new owner of AdMedika Group upon completion of the acquisition, the acquisition represents an opportunity to expand its enterprise healthcare footprint in Indonesia and integrate AdMedika’s claims administration and digital capabilities with its existing healthcare delivery network.
Founded in 2002, AdMedika operates as a technology-enabled healthcare administrator and third-party administrator (TPA), providing claims management, provider network management, and digital health solutions for insurers, corporations, and institutions.
“This acquisition reflects Fullerton Health’s commitment to strengthening our presence and contribution to Indonesia’s healthcare landscape,” said Ho Kuen Loon, group chief executive officer of Fullerton Health.
Fullerton Health operates a vertically integrated healthcare platform across nine markets in the Asia-Pacific region. The group runs about 550 healthcare facilities and partners with a network of more than 20,000 providers, serving over 26,000 corporate clients and facilitating more than 14 million healthcare transactions annually.
