IHH Healthcare divests medical education arm for US$306m

The International Medical University will be divested to a consortium.

IHH Healthcare signed into a definitive agreement for the divestment of its medical education arm and largest medical higher education institute in Malaysia, International Medical University (IMU), for over US$306m.

It will divest IMU to a consortium led by TPG’s The Rise Fund, and Malaysia-based insurance firm, Hong Leong Group.

Aside from this, IHH Healthcare said IMU’s under construction hospital will be acquired by Columbia Asia.

The sale is expected to be completed  by the first quarter of 2023, which will be subjected to “fulfilment of certain conditions precedent."

“This divestment is a continuation of the Group’s execution of its strategy to drive capital-efficient growth, which includes an ongoing review of its portfolio and capital deployment to prioritise returns and focus on long-term core assets,” IHH Healthcare said in its announcement.