IHH Healthcare Bhd., Asia’s biggest hospital group by market value, is exploring a sale of its medical education arm International Medical University, according to people with knowledge of the matter.

The Malaysian company is working with Rippledot Capital Advisers on the potential deal, the people said. A sale of the education unit could fetch about US$300 million ($400.0 million), said the people, asking not to be named as the process is private.

Deliberations are ongoing and there is no certainty that IHH will proceed with a transaction, the people said. A representative for IHH declined to comment, adding the company will provide updates if there are any material developments. A representative for Rippledot also declined to comment.

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