Metro Pacific Investments Delays Hospital Unit IPO; Gets KKR, GIC Funding Instead
15 October 2019 - 3:54PM
Dow Jones News
By Saurabh Chaturvedi
Metro Pacific Investments Corp (MPI.PH) has delayed the planned
initial public offering of its hospital unit and opted instead for
a 35.3 billion-Philippine peso ($684.5 million) investment from
U.S. private-equity firm KKR & Co. (KKR) and Singapore
sovereign wealth fund GIC Pte.
Under the deal, KKR and GIC will buy 41.4 million new shares of
Metro Pacific Hospital Holdings--the operator of the largest
private hospital-and-healthcare network in the Philippines--for
PHP5.2 billion, the companies said in a statement Tuesday. KKR and
GIC will also jointly invest PHP30.1 billion in mandatory
exchangeable Metro Pacific Investments bonds that are convertible
into 239.93 million shares in the hospital unit.
The deal is expected to be completed by the end of 2019.
Some of the proceeds from the share sale will be used to fund
Metro Pacific Hospitals' potential investments in other hospitals
and new healthcare businesses, the statement said. MPIC will use
the proceeds from the bond sale to cut debt.
Bank of America Merrill Lynch and UBS AG were financial advisors
to MPIC and GIC.
Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com
(END) Dow Jones Newswires
October 15, 2019 00:39 ET (04:39 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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