King & Wood Mallesons (KWM) is pleased to have advised RHB Bank Berhad on the USD 190 million financing supporting the acquisition and privatisation of Apex Healthcare Berhad (Apex) by Quadria Capital and co-investors.
The transaction represents the largest healthcare privatisation in Malaysia’s history and the largest healthcare take-private in Southeast Asia in the past five years. It was valued at an implied market capitalisation of approximately MYR 1.9 billion (USD 470 million).
Following the completion of the acquisition and delisting, Apex will be 100% privately owned by a consortium led by Quadria together with co-investors 65 Equity Partners, Employees Provident Fund and Silk Road Fund (the Consortium). Under private ownership, the Consortium will work with Apex’s management team to undertake a comprehensive review of its product portfolio to identify synergies across the Consortium’s ecosystem of portfolio companies, while assessing opportunities for strategic investments and acquisitions.
Founded in 1962, Apex is Malaysia’s largest local private integrated pharmaceutical player, spanning development, manufacturing and distribution, with a presence in more than 20 countries.
The KWM team was led by Singapore Partner John Shum, supported by Senior Associate Shenn Tan and Associate Madeleine Ong.
Commenting on the transaction, John said:
“We were delighted to support RHB Bank on this landmark transaction, which underscores continued investor confidence in Southeast Asia’s healthcare sector. The privatisation positions Apex strongly for its next phase of growth, and we are proud to have played a role in enabling a financing solution that supports the company’s long-term regional ambitions.”
Kevin Davies, Managing Director/Chief Executive Officer, RHB Investment Bank said:
“We are incredibly proud to have spearheaded the financing for this historic regional deal, which stands as the largest healthcare privatisation deal in Southeast Asia over the past five years. Credit has to be given to all parties involved given the complexity and tight timeline surrounding this transaction. We look forward to promoting more cross-border activities between Malaysia and Singapore.”
KWM worked with firms Zul Rafique & partners, TSMP Law Corporation and Harney Westwood & Reigels Singapore LLP on the local law elements of the transaction.
