Metro Pacific gears for $2b hospital sale

The conglomerate plans to start the sale process in July.

Bloomberg reports that the Metro Pacific Investments Corp, the Philippine venture of billionaire Anthoni Salim’s First Pacific Co., is said to be preparing to the sale of a stake in its hospital unit that could value the business at more than $2b, people with knowledge of the matter said.

Also read: Philippine government signs Universal Health Care Law

The Manila-listed conglomerate plans to formally start a sale process in July, according to the insider sources who added that the firm is working with Bank of America Corp. to gauge interest from potential investors, which could include buyout firms and regional health-care companies.

Metro Pacific is separately working with UBS Group AG on preparations for a possible IPO of the business as part of a so-called dual track process, one of the people said. The unit runs about 15 hospitals and clinics in the Philippines, according to its website.

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