Singapore-based healthcare service provider Thomson Medical Group (TMG) has signed an agreement to acquire Far East Medical Vietnam for S$517.1m ($381.4m).

Thomson Medical will acquire Far East Medical from its founders and an affiliate of Quadria Capital Investment Management.

The acquisition will be funded with internal resources and borrowings from financial institutions and debt capital markets.

Far East Medical operates a range of healthcare facilities in Vietnam, including FV Hospital in Ho Chi Minh city and a chain of clinics.

TMG executive vice-chairman Kiat Lim told media sources: “FV Hospital has been extremely successful in the past two decades in establishing itself as a premium general hospital.”

The first Joint Commission International accredited hospital in South Vietnam FV Hospital provides care across more than 30 medical specialties, including cardiology, oncology, orthopaedics, ophthalmology, maternity, and gastroenterology.

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The acquisition will allow Thomson Medical to enter Vietnam’s growing private healthcare market.

Furthermore, the group will be able to increase its pro forma revenue by 33% and EBITDA by 24%.

The acquisition is also claimed to be in line with Thomson Medical’s strategy to grow its pan-Asian footprint.

The proposed acquisition is subject to and conditional upon the approval of Thomson Medical’s shareholders and the receipt of a copy of the merger clearance notification from Vietnam’s Ministry of Industry and Trade.

It is also subject to the receipt of a copy of the relevant approval notice from the Department of Planning and Investment.