Thomson Medical Group OKs acquisition of Vietnam’s FV Hospital

The acquisition costs $517.1m (US$381.4m).

SGX-listed Thomason Medical Group (TMG) revealed that it acquired its biggest healthcare transaction to-date and Southeast Asia’s largest healthcare acquisition since 2020.

It acquired 100% of Far East Medical Vietnam Limited, which operates a range of healthcare centres in Vietnam such as the multi-disciplinary tertiary FV Hospital and a network of primary and specialist clinics.

Based on the initial consideration of over US$359.6m (or approximately $487.5m and after price adjustments, this translates into an enterprise value of US$328.5m (or approximately $445.3m). Based on the FY2022 EBITDA of US$19.5 million, this translates into an EV/ EBITDA of 16.8x.

The purchase will be funded via the TMG’s “internal resources and external borrowings from financial institutions and debt capital markets.”

“The acquisition of FV Hospital deepens our commitment to the Southeast Asian healthcare sector, expanding our Group’s presence across three of the region’s most important geographies in healthcare. FV Hospital provides a strategic foothold for us in Vietnam and a gateway to grow and focus on future investments in this fast-growing market,” said Kiat Lim, TMG’s Executive Vice-Chairman.

$1 = US$0.75

Follow the link for more news on

Thomson Medical

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia