Diversified global group Swire Pacific is in advanced discussions to acquire a minority interest in Indonesian state-owned hospital operator Pertamina Bina Medika IHC, reported Bloomberg.

The deal is said to be part of Hong Kong-listed Swire’s strategy to identify new avenues of growth in sectors including healthcare and sustainable foods.

It could offer Pertamedika IHC a valuation of nearly $450-650m, the publication stated citing people privy to the development.

The negotiations are still in progress, and there is no certainty of a transaction materialising from the talks.

A deal, if reached, may conclude by the end of the year, added the unnamed people.

There was no official  confirmation of the development by the companies involved.

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Pertamedika IHC operates 36 hospitals as well as 172 health clinics in Indonesia, with its first hospital established in 1967 for staff of state-run conglomerate PT Pertamina.

In March, Pertamina IHC and Asuransi Jiwa Inhealth Indonesia (Mandiri Inhealth) teamed up to enhance access to health services for the community.

The partnership was aimed at bolstering national health security by delivering healthcare services through IHC’s network of hospitals and clinics.

In recent times, consolidation activities in the healthcare sector have been on the rise in Southeast Asia.

This includes the purchase of Vietnam’s FV Hospital by Thomson Medical Group last month in a deal worth up to $381.4m.