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Clearbridge Health unit to buy stake in Philippine medical centre operator
CLEARBRIDGE Health, the medtech investor formerly known as Clearbridge Accelerator, will be purchasing a 65 per cent stake in a Philippine healthcare company for 69.6 million pesos (S$1.9 million) in cash, following through on a transaction announced during its initial public offering (IPO) last month.
Then, Clearbridge Health had said that it had entered into a term sheet for the potential acquisition of a medical centre in the Philippines as part of its plans to grow the group's business.
On Thursday, it announced that its wholly owned subsidiary, Clearbridge Health (Philippines), Inc, has entered into a conditional share purchase agreement to buy 65 per cent of Marzan Health Care Inc, which owns and operates a medical centre in Manila.
Clearbridge Health said that the book value and net tangible assets of Marzan Health Care were approximately 99 million pesos, based on the target company's unaudited management accounts for the nine months ended September 2017. No independent valuation was conducted on Marzan Health Care, it added.
Clearbridge Health said that the deal is in line with its growth plans to expand its network of medical clinics and centres in the region. It added that Marzan Health Care has the required licences to provide a wide range of medical services in the Philippines, and that this would accelerate the group's expansion into the country as the process of building up the infrastructure and obtaining similar licences can typically take an extended period of time.