US-based private equity company KKR & Co is reportedly considering selling its stake in Filipino private hospital operator Metro Pacific Health.
Citing unnamed sources privy to the development, Bloomberg said that KKR is looking for financial advisers to assist with the process.
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However, discussions are still in progress, and KKR may opt to retain its stake for a longer period.
In the event of the sale materialising, KKR could seek a valuation of at least $3bn for Metro Pacific Health.
The stake sale could also attract attention from other industry players, according to one of the sources.
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KKR’s representative has not issued any comment on the ongoing deliberations.
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By GlobalDataIn 2019, a consortium led by KKR, which included the Singaporean sovereign wealth fund GIC, acquired a stake in what was then known as Metro Pacific Hospitals, valuing the business at $1.6bn.
The company was rebranded as Metro Pacific Health in 2022.
Metro Pacific Health president Augusto Palisoc, in a statement to Bloomberg News, expressed that he was not aware of any plans by KKR to sell its stake and refrained from commenting directly on the issue.
The report quoted Palisoc’s text message, in which he emphasised that the company’s management remains dedicated to expanding its network and business “and becoming more efficient, so we can continue to deliver quality and affordable healthcare”.
Metro Pacific Health encompasses a network of 23 hospitals across the Philippines, along with six cancer care centres, 26 outpatient facilities, health colleges, and a laboratory, as per the information on its website.
Meanwhile, Bloomberg recently reported that Metro Pacific Health’s parent company, Metro Pacific Investments, is weighing a merger of its toll road operations with those of San Miguel.
In a separate development last month, the affiliates of Veritas Capital and investment funds managed by KKR entered a definitive agreement to recapitalise US health tech Cotiviti.
