Fullerton Health announces PH market entry through the acquisition of Intellicare Group
Fullerton Healthcare Corporation Limited (Fullerton Health) have announced that it has entered into agreements to acquire a 60% stake in the Intellicare Group, one of the leading managed care providers in the Philippines. The Philippines is an important market in Asia Pacific for Fullerton Health, underpinned by attractive underlying growth drivers. Completion of the transaction is subject to the fulfilment of certain conditions and is expected to complete in early 2018.
The Intellicare Group was founded in 1995 and is strategically aligned with Fullerton Health’s vision of being Asia Pacific’s preeminent total healthcare solution provider. The Intellicare Group comprises three companies: Asalus, a health maintenance organisation (“HMO”) engaged in the delivery of managed healthcare services via comprehensive, systematic and prevention-oriented health maintenance programmes; Avega, a provider of third party administration services to corporates as well as small and medium enterprises; and Aventus, a chain of nine outpatient multi-speciality clinics.
Dr Michael Tan, Co-Founder and Group CEO of Fullerton Health, commented: “Today is an important milestone for Fullerton Health and takes us into our eighth country in Asia Pacific. With a population of over 100 million people, the Philippines offers great growth potential for the company, and the potential synergies between our two businesses, together with our operational and technological capabilities, will allow us to deliver increased benefits and services to even more corporates and patients across the country. This acquisition reinforces our strategy of developing a strong presence in markets across the region, and I would like to take this opportunity to welcome the Intellicare Group to the Fullerton Health family.”
Mario M. Silos, Chairman and President of Intellicare Group, said: “The investment by Fullerton Health, establishing them as our majority shareholder, is an exciting development for the Intellicare Group. It will enable us to tap into their expansive network and wealth of experience across Asia Pacific to ensure that we are delivering the most sophisticated care possible to corporates and patients throughout the Philippines. As the country’s preeminent HMO, we are committed to leading the managed healthcare space. Fullerton Health shares our values of ensuring that healthcare is efficient, accessible, affordable and compassionate, and the synergies created through this acquisition will enable us to uphold each of these and enhance our innovative and holistic approach to managed healthcare.”
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