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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 firstname.lastname@example.org
(END) Dow Jones Newswires
October 15, 2019 00:39 ET (04:39 GMT)
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