Thomson Medical Group Limited (SGX:A50) agreed to acquire Far East Medical Vietnam Limited from Quadria Capital Investment Management Pte Ltd and others for approximately $380 million on July 12, 2023. The consideration consists of - initial consideration of $359.6 million and an earnout of $21.8 million. Based on the initial consideration of approximately $359.6 million and after price adjustments, this translates into an enterprise value $328.5 million. Based on the FY2022 EBITDA of VND 463.7 billion (approximately $18.5 million), this translates into an EV/ EBITDA of 16.8x. Far East Medical Vietnam reported revenues of VND 1,930.6 billion (approximately $77.2 million), Net profit of VND 271 billion ($10.85 million) and Net assets of VND 1237 billion ($49.5 million). The purchase will be funded via the Thomson Medical Group?s internal resources and external borrowings from financial institutions and debt capital markets. The acquisition is subject to and conditional upon the approval of the shareholders of Thomson Medical, the receipt of a copy of the merger clearance notification in respect of the proposed acquisition issued by the Ministry of Industry and Trade of Vietnam and the Department of Planning and Investment of Vietnam. Maybank Securities Pte. Ltd. acted as the sole financial adviser to Thomson Medical Group. Tran Duy Canh and Valerie Ong of Dentons LuatViet and Dentons Rodyk acted as legal advisor to Thomson Medical Group Limited. Citigroup Global Markets Singapore Pte. Ltd acted as the financial advisor for the sellers. EY Consulting Vietnam JSC and Alvarez & Marsal (SE Asia) Pte. Ltd provided due diligence to Thomson Medical.

Thomson Medical Group Limited (SGX:A50) completed the acquisition of Far East Medical Vietnam Limited from Quadria Capital Investment Management Pte Ltd and others in July, 2023.