EQT backs Health Management International privatization for $450m.

The management of Health Management International and private equity firm EQT have offered to take the healthcare provider private in a deal that values it at S$611m ($450m) by way of a scheme of arrangement, for s$0.73 ($0.54) per share, which indicates a nearly 25% premium. HMI and EQT received an irrevocable undertaking to accept the offer from HMI shareholders who own an aggregate of 61.8%. These include the Chin family, which owns HMI, and Malaysia’s Maju Medik. If the scheme of arrangement is passed, EQT will hold a stake of 18.6-30.5% in HMI, while the Chin family will own 30-42.4%. Brian Chang, Partner at EQT Singapore and Investment Advisor to EQT GP, said, “As a private equity investor with a demonstrated track record of success in the healthcare sector and in Asia, we are confident that EQT will be an ideal partner for HMI. EQT now looks forward to supporting HMI’s talented team, whose expertise, entrepreneurship and reputation are best in class.”