SINGAPORE (Dec 11): Fullerton Healthcare Corporation, which shelved its Singapore IPO last year, has entered into agreements to acquire a 60% stake in the Intellicare Group, one of the leading managed care providers in the Philippines.

See: Held back by the poison pen, will Fullerton Health give IPO plans another shot?

The joint press release did not disclose how much Fullerton Healthcare will pay for the stake.

Founded in 1995, the Intellicare Group comprises three companies: Asalus, a health maintenance organisation (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.

Fullerton Healthcare says the Philippines is an important market in Asia Pacific for the group, underpinned by attractive underlying growth drivers. Completion of the transaction is subject to the fulfilment of certain conditions and is expected to be completed in early 2018.

Last month, Ping An Capital Co, controlled by Ping An Insurance (Group) Company of China, and related parties led an investment of more than 800 million yuan ($163.25 million) in Fullerton Healthcare, effectively becoming its second largest shareholder.

See: Ping An is now second largest shareholder of Fullerton Healthcare after $163.3 mil investment