Key Takeaways
- • IHH Healthcare Bhd is considering joining the auction for TPG-backed Asia OneHealthcare's Malaysian hospital assets, according to people with knowledge of the matter reported by The Edge Malaysia.
- • A deal could value the assets at around US$6 billion (RM24.5 billion) to US$8 billion, though no certainty of a transaction exists.
- • First-round bids are expected by the end of October 2026, with Warburg Pincus, Blackstone, EQT and KKR also weighing offers.
- • TPG is pursuing a dual-track process, having confidentially filed for a Kuala Lumpur IPO that could raise up to RM10 billion, which would be the country's largest in more than a decade.
Summary
IHH Healthcare Bhd (KL:IHH) is considering joining the race to acquire Malaysian hospital assets being sold by TPG Inc, according to people with knowledge of the matter cited by The Edge Malaysia. The people asked not to be identified because the process is confidential.
TPG has solicited interest from other potential bidders, including Warburg Pincus. They would compete with private equity firms Blackstone Inc, EQT AB and KKR & Co, which have also been evaluating potential offers for the assets, which are held by TPG-backed Asia OneHealthcare Sdn Bhd. First-round bids are expected by the end of the month. Some of the people said a transaction could value the assets at roughly US$6 billion (RM24.5 billion) to US$8 billion. Asia OneHealthcare also operates medical facilities in Indonesia and Vietnam, according to its website.
TPG is also weighing a listing of the Malaysian business as part of a dual-track process. Bloomberg News reported last month that TPG had confidentially filed for a Kuala Lumpur IPO that could raise as much as RM10 billion, which would rank as the country's biggest IPO in more than a decade.
Representatives of Blackstone, EQT, IHH, KKR, TPG and Warburg Pincus declined to comment, and a spokesperson for Asia OneHealthcare did not respond to queries. The people stressed that deliberations are ongoing and there is no certainty they will lead to a deal.
TPG and Hong Leong Group acquired Asia OneHealthcare, formerly Columbia Asia Healthcare, in 2019. The company adopted its current name in 2024 after consolidating its assets and buying a joint venture between Sime Darby Bhd (KL:SIME) and Australian private hospital operator Ramsay Health Care Ltd. Other stakeholders include the Abu Dhabi Investment Authority and Malaysia's Employees Provident Fund.
TPG has solicited interest from other potential bidders, including Warburg Pincus. They would compete with private equity firms Blackstone Inc, EQT AB and KKR & Co, which have also been evaluating potential offers for the assets, which are held by TPG-backed Asia OneHealthcare Sdn Bhd. First-round bids are expected by the end of the month. Some of the people said a transaction could value the assets at roughly US$6 billion (RM24.5 billion) to US$8 billion. Asia OneHealthcare also operates medical facilities in Indonesia and Vietnam, according to its website.
TPG is also weighing a listing of the Malaysian business as part of a dual-track process. Bloomberg News reported last month that TPG had confidentially filed for a Kuala Lumpur IPO that could raise as much as RM10 billion, which would rank as the country's biggest IPO in more than a decade.
Representatives of Blackstone, EQT, IHH, KKR, TPG and Warburg Pincus declined to comment, and a spokesperson for Asia OneHealthcare did not respond to queries. The people stressed that deliberations are ongoing and there is no certainty they will lead to a deal.
TPG and Hong Leong Group acquired Asia OneHealthcare, formerly Columbia Asia Healthcare, in 2019. The company adopted its current name in 2024 after consolidating its assets and buying a joint venture between Sime Darby Bhd (KL:SIME) and Australian private hospital operator Ramsay Health Care Ltd. Other stakeholders include the Abu Dhabi Investment Authority and Malaysia's Employees Provident Fund.
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