The sale of Malaysia and Indonesia-based hospital group Ramsay Sime Darby marches on, with a shortlist of candidates reportedly jostling for the $1.5bn purchase. Reports suggest French hospital group Ramsay Santé is next.
Listed pan-Asian hospital giant IHH is continuing to grow through bolt-ons, having made two major acquisitions this month. For Q2 2023 the company reported a drop of 51% in net profit compared to Q2 2022, to RM302m ($65m). However, the company said this was mainly because the Q2 2022 figure was unusually high, and is continuing to grow organically as well as through M&A.
Half the top 50 listed health care service groups globally by market cap are now headquartered in emerging markets. What does that tell us about the sector internationally? We publish the top 50 with detailed analysis in Deals and Insights.
Who are the Global Top 50 Health Care Service Companies by market cap and what does this tell us about the industry? What is striking is how very few of the top 50 are now EMEA companies - just 13, and of those only four are headquartered in Europe, rather than the Middle East or South Africa.
In contrast to Europe, South and Southeast Asia are continuing to see significant deal activity. HBI hears that SAFE Fertility Group, one of Thailand’s largest IVF providers, and Qualitas Medical Group, a primary care chain with practices across Malaysia, Singapore and Australia, are up for sale. On top of this, Agilus Diagnostics, one of India’s largest labs groups, is set to IPO.
HBI speaks to Ewan Davis, partner at Quadria Capital, a private equity firm headquartered in Singapore. With offices in New Delhi and Ho Chi Minh, it invests in health care companies across South and Southeast Asia.
Indian hospital group Max Healthcare is appealing a court decision to reject its claim concerning Care Hospital, another Indian hospital group which it tried to acquire, which it made after the latter accepted an alternative offer from US private equity firm Blackstone.
Ramsay Sime Darby, the South East Asian branch of multinational Australian hospital giant Ramsay, is up for sale again. The owners are reportedly seeking a valuation of around $1.5bn, which would make it the largest health care deal in the South East Asian region since 2019.