Thomson Medical Group A50 , a Singapore-based healthcare company backed by tycoon Peter Lim, is in advanced talks to buy a controlling stake in Vietnam’s FV Hospital, people with knowledge of the matter said.
Lim’s firm beat out the other interested candidates to remain in the bidding, the people said, asking not to be identified as the process is private. Thomson Medical is working with a financial adviser on the potential acquisition, the people said.
The board of Thomson Medical, in a bouse filing on June 8, says the company is "currently in preliminary confidential discussions to explore a potential transaction". "The discussions are ongoing and no definitive terms have been agreed upon between the parties. Further, there is no certainty or assurance that any transaction will arise from these discussions. The company will make the appropriate announcements where there are material developments in respect of the potential transaction that merit disclosure."
Quadria Capital, a health care-focused private equity firm, was exploring a sale of its stake in FV Hospital, which could fetch around US$300 million ($404.04 million) to US$400 million in a deal, Bloomberg News reported in 2022.
Other owners of FV Hospital, including its co-founder and chief executive officer Jean-Marcel Guillon may tag along and sell part or all of their stakes, people familiar with the matter said at the time.
Discussions are ongoing and Quadria and Thomson Medical could still decide against a transaction, the people said. A spokesperson for Thomson Medical declined to comment, while representatives for FV Hospital and Quadria did not immediately respond to requests for comment.
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FV Hospital was founded by Guillon and a group of French doctors in Ho Chi Minh City two decades ago, according to its website. It operates a 220-bed hospital with 950 service staff and runs an outpatient clinic in the Vietnamese city. The medical facilities also treat patients from the neighboring countries of Cambodia, Laos and Myanmar.
Quadria bought a stake in FV Hospital for an undisclosed sum in 2017, according to a press release at the time. Other investors who participated in the investment include funds managed by Neuberger Berman Private Equity and DEG, the German development finance institution under KfW Group.
Shares in Thomson Medical Group closed flat at 5.9 cents on June 8.
