By Elffie Chew and Manuel Baigorri
(Bloomberg) — Thomson Medical Group Ltd., a Singapore-based health-care company backed by tycoon Peter Lim, is in advanced talks to buy a controlling stake in Vietnam’s FV Hospital, people with knowledge of the matter said.
Lim’s firm beat out the other interested candidates to remain in the bidding, the people said, asking not to be identified as the process is private. Thomson Medical is working with a financial adviser on the potential acquisition, the people said.
Quadria Capital, a health care-focused private equity firm, was exploring a sale of its stake in FV Hospital, which could fetch around $300 million to $400 million in a deal, Bloomberg News reported in 2022. Other owners of FV Hospital, including its co-founder and Chief Executive Officer Jean-Marcel Guillon may tag along and sell part or all of their stakes, people familiar with the matter said at the time.
Discussions are ongoing and Quadria and Thomson Medical could still decide against a transaction, the people said. A spokesperson for Thomson Medical declined to comment, while representatives for FV Hospital and Quadria didn’t respond to requests for comment.
Thomson Medical is currently in preliminary confidential discussions to explore a potential transaction, according to a Singapore Exchange filing Thursday. No definitive terms have been agreed, and the company will announce when there are material developments, the filing showed.
Shares of Thomson Medical jumped as much as 12% on Friday, their largest increase since March, according to data compiled by Bloomberg.
FV Hospital was founded by Guillon and a group of French doctors in Ho Chi Minh City two decades ago, according to its website. It operates a 220-bed hospital with 950 service staff and runs an outpatient clinic in the Vietnamese city. The medical facilities also treat patients from the neighboring countries of Cambodia, Laos and Myanmar.
Quadria bought a stake in FV Hospital for an undisclosed sum in 2017, according to a press release at the time. Other investors who participated in the investment include funds managed by Neuberger Berman Private Equity and DEG, the German development finance institution under KfW Group.
—With assistance from Nguyen Dieu Tu Uyen.
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