Medical group Tamarind Health offers to privatise TalkMed Group at 45.6 cents per share
As part of the longer term growth plans, the combined entity may seek its own SGX listing
Medical group Tamarind Health, with the backing of investors including Temasek unit 65 Equity Partners, is offering 45.6 cents per share to privatise cancer specialist TalkMed Group, valuing the company at more than $606 million.
As part of the longer term growth plans, the enlarged entity might seek its own listing on the Singapore Exchange S68
.
The offer is made via TW Troy, a vehicle held by Tamarind Health.
TalkMed, main operating entity is the Parkway Cancer Centre, last changed hands at 44 cents, up 17.57% year to date.
A group of doctors who founded TalkMed, with a total stake of 83.06% between them, have given their irrevocable understanding to sell their shares. They are CEO Ang Peng Tiam; Khoo Kei Siong; Lim Hong Liang, and Teo Cheng Peng.
Tamarind Health, on the other hand, operates the likes of OncoCare, Solis, Luma, CanCare and Novena Heart Centre in Singapore, Icon Cancer Centre in Hong Kong, OncoCare and Can-Care in Malaysia, and Central Luzon Integrated Oncology Centre in the Philippines
Besides the doctors who hold equity, Tamarind Health's investors include Hong Kong-based Templewater and 65 Equity Partners.
Upon completion of the transaction, 65 Equity Partners, will hold approximately 18.3% of the voting interest in
Tamarind Health while the doctor shareholders will hold approximately 31.3%.
According to the announcement, the combination of these various entities under TalkMed and Tamarind Health can help bring together a wider range of services and expertise, strengthen knowledge sharing among healthcare professionals, and create avenues for oncologists to sub-specialise further.
"This will provide more specialised oncology care for patients and career progression opportunities for doctors.
"The combined entity will be better positioned to attract patients from the region seeking high-quality and competitive treatment, strengthening Singapore’s role as a hub for medical tourism.
"As part of its long term growth strategy, the combined entity may consider the option of a future listing on the Singapore Exchange."
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