Thomson Medical Group—controlled by Singapore billionaire Peter Lim—has agreed to buy hospital operator Far East Medical Vietnam for as much as $381 million as the Singapore-based healthcare company expands its footprint across Southeast Asia.
The acquisition of Far East Medical Vietnam, which operates the FV Hospital in Ho Chi Minh City, along with a network of healthcare facilities and specialist clinics, will be funded by a combination of internal resources and borrowings, Thomson Medical said in a statement.
Founded by French physicians in 2003, FV Hospital operates a 220-bed hospital that provides healthcare services. The hospital is building a new seven-story cancer center that will also provide out-patient services such as cardiology and urology. The hospital is tapping into rising demand, underpinned by Vietnam’s rising middle class population as well as its growing expatriate community and medical tourism.
“FV Hospital provides a strategic foothold for us in Vietnam and a gateway to grow and focus on future investments in this fast-growing market,” Kiat Lim, executive vice chairman of Thomson Medical, said. Kiat, son of Peter Lim, initiated discussions and led negotiations with the FV Hospital owners for the past six months.
Besides his controlling stake in Thomson Medical, which operates hospitals across Singapore and Malaysia, Peter Lim also owns Spanish soccer team Valencia CF. Last year, he ventured into education, partnering with top British boarding school Wellington Colleges to set up international schools across Southeast Asia.
The former stockbroker, who now has a real-time net worth of $2.3 billion based on Forbes’ data, made his fortune more than a decade after cashing out from billionaire Kuok Khoon Hong’s palm oil giant Wilmar.