Potential Acquisition: KKR in Discussions to Buy Saigon Medical Group
According to Dealstreetasia, there are ongoing discussions that could lead to Heliconia Capital, a wholly owned subsidiary of Temasek Holdings, divesting its stake in MSG. Heliconia Capital initially invested in MSG in 2019. However, the exact details of the potential transaction, including finalization and pricing, have not been confirmed by either KKR or Heliconia.
Headquartered in Ho Chi Minh City, MSG is one of Vietnam’s largest hospital chains, operating 14 hospitals across the country. These hospitals include nine specialized eye hospitals and five general hospitals. Additionally, MSG manages an Eagle Eye Centre in Ho Chi Minh City in collaboration with its Singaporean counterpart. The hospital chain is equipped with advanced ophthalmology facilities and has a total of 145 inpatient beds. With over 1,700 employees, including more than 500 medically trained staff, MSG was founded in 2004 by ophthalmologist Dr. Thai Thanh Nam. It started with a facility on Le Thi Rieng street, which was recognized as Vietnam’s first non-public eye hospital offering advanced techniques and international standard medical quality at that time. The Saigon Eye brand has since expanded to various locations, including Hanoi, Nha Trang, Ha Tinh, Can Tho, and Vinh.
In 2019, Heliconia Capital, a subsidiary of Temasek, acquired MSG, although the transaction’s value was not disclosed. Following the acquisition, structural changes occurred within the MSG system, with Dr. Nam leaving the group and Huynh Le Duc, former CEO of the Hoan My Medical Group, assuming the role of CEO of Saigon Eye.
KKR, a global private investment fund, manages various alternative asset classes, including private equity, energy, infrastructure, real estate, and credit. It is one of the world’s largest private investment funds with a team of over 2,500 professionals working across 20 industries worldwide. Since 2011, KKR has invested over $1 billion in prominent Vietnamese companies, including significant transactions with Masan and Vingroup.
The private healthcare sector in Vietnam continues to attract foreign investors. In July, Thomson Medical Group, based in Singapore, announced its agreement to acquire FV Hospital in Ho Chi Minh City, backed by French investors, for a sum exceeding $380 million. This acquisition represents the largest hospital takeover in Vietnam’s history and the most significant healthcare acquisition in Southeast Asia since 2020.