Global private equity firm KKR & Co and Singapore sovereign wealth fund GIC have completed their investments in Metro Pacific Hospitals Holdings Inc, the hospital unit of Philippine-listed Metro Pacific Investments Corp (MPIC), according to BusinessReporter.ph.
The deal, valued at $685 million, gives the consortium of investors a 42.5-per cent stake in Metro Pacific Hospitals, operator of the largest private hospitals and healthcare network in the Philippines.
The investments were made through a series of transactions in commons shares in Metro Pacific Hospitals and in mandatorily exchangeable bonds issued by MPIC.
Proceeds from the sale of shares will be used to support Metro Pacific Hospitals’ potential investments in additional hospitals and new healthcare businesses. The capital will also be used to grow the MPIC’s existing subsidiaries, associates, and joint ventures.
Metro Pacific Hospitals is the operator of the largest private hospitals and healthcare network in the Philippines in terms of authorized bed capacity and revenues, with interests in 14 hospitals and approximately 3,200 beds across the country.
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