Fullerton Health to buy 60% stake in Intellicare Group

Singapore

CORPORATE healthcare solutions provider Fullerton Health announced on Monday it has entered into a deal to acquire a 60 per cent stake in Philippines-based Intellicare Group. The deal is subject to the fulfilment of certain conditions and is expected to complete in early 2018.

When contacted, Fullerton declined to reveal the deal's terms, but said that the company would pay for the stake with a possible combination of debt, cash resources and its recent US$175 million perpetual bond issuance in March 2017.

Founded in 1995, Intellicare describes itself as one of the leading managed care providers in the Philippines and consists of the Asalus, Avega and Aventus companies.

Michael Tan, co-founder and group CEO of Fullerton Health, said that the Philippines offers great growth potential for the company.

"This acquisition reinforces our strategy of developing a strong presence in markets across the region," he added.

Mario Silos, chairman and president of Intellicare Group, said that the deal would enable Intellicare to tap Fullerton's "expansive network and wealth of experience" across the Asia-Pacific region.

In August, Fullerton announced it had acquired Healthscope's medical centre operations (HMC), one of the largest primary care operators in Australia, with Mr Tan saying the deal will help Fullerton broaden its network in the country.

And in November, Fullerton announced that China's Ping An Capital, together with related parties, led an investment of more than 800 million yuan (S$163 million) in the company, effectively becoming its second-largest shareholder.