KUALA LUMPUR -- Malaysia's IHH Healthcare, one of Asia's biggest hospital operators, will purchase a medical center known for its luxury services from sovereign wealth fund Khazanah Nasional for 1.02 billion ringgit ($244 million).
The roughly 270-bed Prince Court Medical Center is located within the Golden Triangle business district of Kuala Lumpur and offers services including cancer treatment, in vitro fertilization and physical therapy.
In a cash deal announced on Sept. 17, IHH wholly owned unit Pantai Holdings will acquire all of the hospital's stock. The company will finance the transaction with internal funds and a yet-to-be-determined amount of bank borrowing.
The acquisition, which is expected to improve IHH's market share in Malaysia -- one of its key markets -- is expected to be completed in the first quarter of next year.
Singapore-listed IHH said the deal will also help it expand its pool of doctors and gain a larger share of the growing medical tourism market in Malaysia's Klang Valley.
IHH owns and operates 15 hospitals across Malaysia under the Pantai and Gleneagles brands.