TPG sells Asian healthcare stake for $685m

TPG invested $188m in the company in 2005 through its Newbridge Capital and TPG-Axon Partners subsidiaries for a 26 per cent stake. Parkway has a market cap of $2.4bn

Parkway is one of Asia’s largest healthcare groups, with a network of 16 hospitals and 3,400 beds spread over six countries, including India. The acquisition establishes Fortis as a pan-Asian player, giving it a total of 62 hospitals with 10,000 beds, coming after the company’s acquisition of the Wockhardt hospital in India. Fortis said that it intends to pursue further pan-Asian growth in the future, and is also targeting the Gulf Cooperation Council (GCC) region, which includes Oman, Bahrain, Qatar, Saudi Arabia and UAE.

“This acquisition will significantly expand our footprint across the region and place us strategically for geographical and clinical leadership in Asia, a big step closer to our vision of establishing a global healthcare delivery network,” said Fortis chairman Malvinder Mohan Singh.

TPG recently slated FDIC regulation of private equity investment in struggling banks, according to Reuters. The FDIC recently limited the percentage of ownership and control by outside investors due to concerns over funds exploiting the depressed assets of troubled banks by quickly selling them off.

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