KKR & Co and Singapore sovereign wealth fund GIC have appointed Bank of America, Jefferies and UBS to sell their majority stake in the Philippines' Metro Pacific Health in a deal that could value the company at $3.2 billion, three people with knowledge of the matter said.
A sale process could start as early as the fourth quarter of this year, or the first quarter of 2025, one of the people said.
Global investment firm KKR and GIC together hold an 80% stake in Metro Pacific Health, the Philippine's largest private healthcare group, the source said.
Philippine infrastructure group Metro Pacific Investments Corp (MPI) owns the remaining 20% stake in Metro Pacific Health, according to MPI's website.
Bank of America, UBS, GIC and KKR declined to comment. Jefferies, Metro Pacific Health did not respond to requests for comment.
MPI said it was unable to comment as it is awaiting the completion of the transaction.
Founded in 2007, Metro Pacific Health runs 24 hospitals including Makati Medical Center and Davao Doctors Hospital, according to its website.
It also has 31 outpatient care centres, six cancer care centres, two allied health colleges and a centralised laboratory, its website showed.
KKR and GIC first invested in Metro Pacific Health in 2019 for a total of $680 million, according to statements at that time.
https://www.yahoo.com/news/kkr-gic-hire-banks-sell-091337717.html
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