US global investment firm Kohlberg Kravis Roberts & Co.(KKR) is currently in discussion with Singaporean investment fund Heliconia Capital regarding the acquistion of the Medical Saigon Group (MSG).
According to Dealstreetasia, this may pave the way for Heliconia Capital, which is wholly owned by Temasek Holdings, to divest its stake in MSG, having initially invested in 2019.
The source did not confirm if and when the transaction would be finalised, and it was mentioned that either KKR or Heliconia had not disclosed information about the ongoing negotiations and any proposed pricing.
Headquartered in Ho Chi Minh City, MSG is one of the largest hospital chains in Vietnam, operating 14 hospitals across the country, including nine specialised eye hospitals and five general hospitals. Additionally, they manage an Eagle Eye Centre in Ho Chi Minh City together with its Singaporean namesake.
The hospitals are equipped with advanced ophthalmology facilities with 145 inpatient beds across the entire chain, and the company employs nearly 1,700 individuals with more than 500 medically trained staff.
MSG was founded in 2004 by ophthalmologist Dr. Thai Thanh Nam. It started with a facility on Le Thi Rieng street, touted as Vietnam's first non-public eye hospital to employ advanced techniques and offer international standard medical quality at that time. The Saigon Eye brand has since expanded to various locations, including Hanoi, Nha Trang, Ha Tinh, Can Tho, and Vinh.
In 2019, Temasek's Heliconia Capital acquired the company, though the value of the transaction was not disclosed. That same year, structural changes within the MSG system saw Dr. Nam leave the group and Huynh Le Duc, former CEO of the Hoan My Medical Group, became CEO of Saigon Eye.
KKR manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and through its strategic partners, hedge funds, and is currently one of the world’s largest private investment funds. From 2011 onwards, the fund has invested over $1 billion in prominent Vietnamese companies, including major transactions with Masan and Vingroup.
KKR has a team of over 2,500 employees, consultants, and advisors, including more than 720 investment professionals working across 20 industries around the world.
The private healthcare sector in Vietnam continues to allure foreign investors. In July, the Singapore-based Thomson Medical Group announced an agreement to acquire the French-backed FV Hospital in Ho Chi Minh City for a sum of over $380 million. This acquisition stands as the largest hospital takeover in Vietnam's history and represents the most significant healthcare acquisition in Southeast Asia since 2020.
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Thomson Medical Group Ltd. (TMG) announced on July 12 that it has agreed to acquire Vietnam’s FV Hospital for up to $381.4 million, marking the country’s biggest healthcare transaction to date and Southeast Asia’s largest healthcare acquisition since 2020.