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Business deals

IHH buys luxury Kuala Lumpur hospital for $244m

Deal with wealth fund Kazanah seen boosting medical tourism business

The Prince Court Medical Center is located in Kuala Lumpur's Golden Triangle business district.    © Reuters

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.

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