Fullerton Healthcare, the Singapore-based healthcare services provider backed by insurance group Ping An, is considering seeking a sale among other strategic options, Bloomberg has reported, citing people familiar with the matter.
Founded in 2010, Fullerton operates a network of care facilities across nine Asia Pacific countries including China, Australia and New Zealand. It could hypothetically seek an acquirer or simply spin off its digital arm.
The company operates as a vertically-integrated organisation featuring managed and primary care, diagnostics, ancillary and specialty care. It has also built a technology platform that allows it to offer services like administration and management for other facilities and clinics.
Ping An Capital’s Global Voyager Fund led a $121m funding round for Fullerton in 2017 that made the corporate its second largest shareholder. It has not disclosed details of any other financing but press reports in October 2019 suggested it was seeking $400m in new funding.
Fullerton reportedly explored the prospect of launching an initial public offering in the US in 2018 but did not ultimately push ahead with the flotation. An International Finance Review report in late 2019 suggested the company’s controlling shareholder was mulling options for its stake.
