(Bloomberg) -- Singapore’s Fullerton Health Corp. has agreed to sell a majority stake to Far East Drug Co. in a deal that people familiar with the matter said values the company at close to $1 billion. 

Far East Drug, which is also based in Singapore and runs pharmaceutical businesses in Southeast Asia, will overtake private equity firm RRJ Capital as Fullerton Health’s biggest shareholder after subscribing for new stock, the people said, asking not to be identified as the process was private. 

Fullerton Health announced the agreement in a statement Tuesday, without providing financial details. It expects the transaction to be completed in the second quarter. RRJ Capital supports the deal and remains committed to the company’s growth, it said. 

Fullerton Health, which also counts Ping An Capital Co. among its backers, previously considered selling a minority stake to raise funds to expand its medical services operations, Bloomberg News reported in 2022. It has also explored a possible initial public offering in Singapore.  

RRJ Capital became a majority shareholder in Fullerton Health after leading a merger of the company and Fullerton Healthcare Corp. in 2022 that aimed to substantially cut borrowings, increase working capital and create more flexibility to raise funds, according to a statement at the time.

Founded in 2010, Fullerton Health owns over 550 facilities and operates in nine markets in Asia, including the Philippines and Indonesia.

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