Templewater Nears Buying Controlling Stake in Luye Units, Sources Say

Templewater, a Hong Kong-based private equity firm, is nearing an agreement to buy a controlling stake in Luye Medical Group’s oncology and cardiology businesses in Singapore, people with knowledge of the matter said.

(Bloomberg) — Templewater, a Hong Kong-based private equity firm, is nearing an agreement to buy a controlling stake in Luye Medical Group’s oncology and cardiology businesses in Singapore, people with knowledge of the matter said.

The potential deal values OncoCare Cancer Centre and Novena Heart Centre at about S$460 million ($337 million) including debt, said the people, who asked not to be identified as the process is private. Templewater could acquire about a 51% stake in the assets, one of the people said. An agreement may be announced as soon as in the coming weeks, the people said.

Although the deal is advanced, it could still fall apart at the last minute, the people said. Representatives for Templewater and Luye Medical declined to comment.

Luye Medical’s oncology business has seen interest from health-care firms and financial investors, Bloomberg News reported last month. The company is working with an adviser, people familiar with the matter have said.

The Singapore-based firm would join several health-care companies in selling assets in Asia, where a rising middle class and an aging population have boosted demand for private medical services in the region. TE Asia Healthcare Partners is considering selling its oncology centers in Hong Kong, Bloomberg News reported in September. Sime Darby Bhd. and Ramsay Health Care Ltd. have shortlisted candidates for the sale of their $1.5 billion hospital unit in Southeast Asia, people with knowledge of the matter have said.

Luye Medical is part of Luye Life Sciences Group Ltd., which was founded in 1994, according to its website. Luye Medical owns and operates around 30 facilities across Australia, China and Singapore via subsidiaries Luye Medical International and Luye Medical China.

OncoCare is one of the largest private oncology practices in Singapore with seven clinics offering services for cancer patients including radiotherapy, CT scans and MRI imaging, its website shows. Novena Heart Centre offers cardiac services including heart failure management, non-invasive tests and screening, according to its website.

Templewater was founded in 2018 by Chairman Cliff Zhang and Investec Group, its website shows. The spin-off of Investec’s Asia principal investments division into Templewater was completed in 2021.

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