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UPDATE 1-Singapore's Thomson Medical to buy Far East Medical Vietnam for $381 mln

Himanshi Akhand and Yantoultra Ngui
·1-min read

(Adds details of acquisition from second paragraph onward)

By Himanshi Akhand and Yantoultra Ngui

July 12 (Reuters) - Singapore's Thomson Medical Group said on Wednesday it had entered an agreement to buy Vietnam-based healthcare facilities provider Far East Medical Vietnam Ltd for $381.4 million.

The acquisition marks Vietnam's biggest-ever healthcare transaction and Southeast Asia's largest healthcare acquisition since 2020, Thomson Medical said in a statement.

"The proposed acquisition will enable the group to enter into Vietnam's growing private healthcare market driven by favourable macroeconomic tailwinds with a significant growth potential in healthcare expenditure," it also said in a stock exchange filing.

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Thomson Medical purchased the company from its founders and an affiliate of Quadria Capital Investment, an Asia healthcare-focused private equity firm.

The acquisition will be funded with internal resources and borrowings from financial institutions and debt capital markets, it added.

Far East Medical operates a range of healthcare facilies in Vietnam, including FV Hospital in Ho Chi Minh city and a network of primary and specialist clinics, according to Thomson Medical.

(Reporting by Himanshi Akhand in Bengaluru and Yantoultra Ngui in Singapore; Editing by Rashmi Aich and Edwina Gibbs)