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Singapore’s Thomson Medical to buy FV Hospital for US$381 million

Bloomberg
·2-min read
A view of Thomson Medical Centre in Singapore July 19, 2017. REUTERS/Edgar Su
A view of Thomson Medical Centre in Singapore July 19, 2017. REUTERS/Edgar Su (Edgar Su / reuters)

By Elffie Chew

(Bloomberg) — Thomson Medical Group Ltd. has agreed to buy FV Hospital for as much as US$381.4 million (S$510.1 million), marking the biggest-ever health care deal in Vietnam.

The Singapore-listed company will pay about US$359.6 million upfront and another US$21.8 million should FV Hospital meet certain performance milestones, it said in a press release Wednesday. The firm will fund the deal with internal resources as well as debt.

Bloomberg News reported last month that Thomson Medical was in advanced talks to acquire the business from Quadria Capital after beating out rival bidders.

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“FV Hospital provides a strategic foothold for us in Vietnam and a gateway to grow and focus on future investments in this fast-growing market,” Kiat Lim, Thomson Medical’s executive vice chairman, said in the statement.

Health care has been one of the rare bright spots for dealmaking globally this year. A rising middle class is boosting demand for private health care in emerging markets like Vietnam, which is also building a medical tourism industry catering to neighboring countries.

Rising demand

FV Hospital was founded by Jean-Marcel Guillon and a group of French doctors in Ho Chi Minh City two decades ago, according to its website. The hospital, which had close to 200 operating beds as of the end of 2022, provides services including oncology, cardiology, ophthalmology, maternity and gastroenterology.

It’s adding a seven-story structure to the existing FV Hospital Building, the press release shows. FV Hospital also runs an outpatient clinic at the heart of Ho Chi Minh City’s traditional business district.

Quadria Capital, a health care-focused private equity firm, bought a stake in FV Hospital for an undisclosed sum in 2017. Neuberger Berman Private Equity and DEG, the German development finance institution, also participated.

Founded in 1979, Thomson Medical is one of the largest private providers of health-care services for women and children in Singapore. It shares have fallen about 22% this year, giving it a market value of about US$1.2 billion.

© 2023 Bloomberg L.P.