Malaysia-based IHH Healthcare has bought a private hospital in Penang in northern Malaysia from Affinity Equity Partners for RM3.92bn (€817m).

Through its subsidiary Pantai Holding, IHH bought the 600-bed Island Hospital from Comprehensive Care, a company established, and majority controlled by Affinity Equity Partners.

Island Hospital holds landbank valued at RM223.4m, with approvals secured for future development.

Prem Kumar Nai, group CEO at IHH Healthcare, said: “We expect significant synergies from the transaction and a unique opportunity to elevate Island Hospital as a leading integrated medical facility in Asia.”

Jean-François Naa, CEO of IHH Healthcare Malaysia, said: “With the acquisition of Island Hospital, we are strengthening IHH Healthcare Malaysia’s footprint in Penang and enhancing our position as the leading private healthcare provider in Malaysia.”

Penang is IHH’s second largest cluster in Malaysia. Following the acquisition, IHH will have more than 1,000 operational beds in Penang.

Currently, IHH operates 17 private hospitals and medical centres under various brands in 10 countries, including Singapore, China, India and Turkey.

To read the latest IPE Real Assets magazine click here.

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