<article>Australian healthcare provider <a href="https://www.dealstreetasia.com/tag/Healthscope">Healthscope</a> has sold its Asian pathology operations to private equity group <a href="https://www.dealstreetasia.com/tag/TPG-Asia">TPG Asia</a> for A$279 million ($206 million), it said in a disclosure to the Australian Securities Exchange (ASX).</article>

Australian healthcare provider <a href="https://www.dealstreetasia.com/tag/Healthscope">Healthscope</a> has sold its Asian pathology operations to private equity group <a href="https://www.dealstreetasia.com/tag/TPG-Asia">TPG Asia</a> for A$279 million ($206 million), it said in a disclosure to the Australian Securities Exchange (ASX).
Healthscope&#8217;s Asian pathology operations comprise 39 pathology laboratories across Singapore, Malaysia and Vietnam, which operate under the Gribbles Pathology and Quest Laboratories brands.
It has been reported by Australian media that TPG beat Singaporean private equity firm Quadria Capital, Swedish private equity firm EQT, and lab testing company Eurofins to seal the deal.
Healthscope said it will use proceeds from the sale to pay down debt and fund its expansion into other businesses.
The healthcare company&#8217;s connection with <a href="https://www.dealstreetasia.com/tag/TPG-Capital">TPG Capital</a> dates back almost a decade. In October 2010, Healthscope was acquired by a consortium of funds, advised and managed by TPG and The Carlyle Group, resulting in the company being taken private after being listed on the ASX for 16 years.
However, the new owners exited in July 2014, causing a re-listing of Healthscope on the ASX.
Before the sale of its Asian pathology operations, Healthscope had sold its Australian pathology operations to Crescent Capital Partners.
From the sale, which spells its exit from the pathology sub-sector in Asia, Healthscope expects to book a gain of around $165 million which will be recorded in its 2018-19 results.
Founded in 1992, TPG has approximately $84 billion of assets under management and boasts investment platforms across a wide range of asset classes, including private equity, growth venture, real estate, credit, public equity and infrastructure.
The firm is reportedly aiming to raise more than $4 billion for a new Asia-focused fund, TPG Asia VII, in what would be its biggest for the region. Its previous Asia fund, TPG Asia VI, raised $3.3 billion in 2014.
Among the contributors to the new Asia fund are US pension firms The Teacher Retirement System of Texas (TRS) and CalPERS, which have committed $150 million and $300 million, respectively to the fund.
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TPG reportedly beat Quadria Capital, EQT and lab testing company Eurofins for the 39 pathology laboratories in Singapore, Malaysia and Vietnam.

TPG buys Asian pathology operations of Australia's Healthscope for $206m

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TPG buys Asian pathology operations of Australia's Healthscope for $206m

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