(Bloomberg) -- Private equity firm TPG Capital Asia is close to an agreement to sell a minority stake in Pathology Asia Holdings Pte in a deal that values the health-care business at about $2 billion, according to people with knowledge of the matter.

Government-backed investors from Asia and the Middle East are among parties interested in taking a stake in Pathology Asia, said the people, who asked not to be identified as the information is private. The buyout firm could agree to sell a little less than 30% of the unit to potential investors as soon as the end of this month, one of the people said.

TPG was exploring selling the Pathology Asia stake ahead of a potential initial public offering of the unit, Bloomberg News reported last month. The buyout firm asked banks to submit proposals for the potential listing of Pathology Asia in March and was considering Singapore as an option for the listing venue. 

Deliberations are ongoing and the investor lineup could change, said the people. A representative for TPG declined to comment. 

Pathology Asia’s brands include Quest Laboratories and Gribbles Pathology in Southeast Asia. It announced the acquisition of Singapore’s Innovative Diagnostics Pte in 2018, and bought a minority stake in Australian drug testing company SafeWork Laboratories Pty the following year.

TPG has invested more than $13 billion in companies including jeweler APM Monaco, clinical research firm Novotech and the Indian conglomerate Shriram Group, its website shows.

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