The acquisition will allow Thomson Medical to enter Vietnam’s growing private healthcare market. Credit: Andrei_R / Shutterstock.com.

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.

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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.”

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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.