Fullerton Health acquires 60% stake in the Intellicare Group
Following on from receiving a significant investment from Ping An Capital last month, Fullerton Health has now acquired a 60% stake in the Intellicare Group. Established in Singapore in 2011, Fullerton Health has become a lead provider of healthcare solutions, where the deal will see it expand its presence in the Philippines and develop its service offering across Asia Pacific.
At present, the company encompasses over 220 medical centres across seven countries and has acquired a network of more than 8,000 medical providers worldwide. Completion of the transaction is subject to the fulfilment of certain conditions and is expected to complete in early 2018.
Established back in the 1990s, Intellicare remains one of the top three Health Maintenance Organisations (HMOs) in the Philippines and is strategically aligned with Fullerton Health's vision of being Asia Pacific's pre-eminent total healthcare solution provider.
Comprising three companies: Asalus, a HMO engaged in the delivery of managed healthcare services via comprehensive, systematic and prevention-oriented health maintenance programmes; Avega, a provider of third party administration services to corporates as well as small and medium enterprises; and Aventus, a chain of nine outpatient multi-speciality clinics.
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Dr Michael Tan, Co-Founder and Group CEO of Fullerton Health, commented: "Today is an important milestone for Fullerton Health and takes us into our eighth country in Asia Pacific. With a population of over 100mn people, the Philippines offers great growth potential for the company.
“The potential synergies between our two businesses, together with our operational and technological capabilities, will allow us to deliver increased benefits and services to even more corporates and patients across the country. This acquisition reinforces our strategy of developing a strong presence in markets across the region."
Mario M. Silos, Chairman and President of Intellicare Group, said: "The investment by Fullerton Health is an exciting development for the Intellicare Group. It will enable us to tap into their expansive network and wealth of experience across Asia Pacific to ensure that we are delivering the most sophisticated care possible to corporates and patients throughout the Philippines.
As the country's preeminent HMO we are committed to leading the managed healthcare space. Fullerton Health shares our values of ensuring that healthcare is efficient, accessible, affordable and compassionate, and the synergies created through this acquisition will enable us to uphold each of these and enhance our innovative and holistic approach to managed healthcare."