2024/05/24

BDA advises TE Asia on sale of HKIOC to New Frontier

divested majority stake in

to

2024

BDA Partners is pleased to announce that its client, TE Asia Healthcare Partners (“TE Asia”), a portfolio company of TPG Capital, has agreed to sell its stake in Hong Kong Integrated Oncology Centre Limited (“HKIOC”) to NF Nestor Investment Holding Limited (“New Frontier”).

BDA Partners acted as exclusive financial advisor to TE Asia and HKIOC’s other shareholders on the transaction.

HKIOC is the largest pure-play private oncology group in Hong Kong, with more than 80 staff, including 14 oncologists and radiologists, across three clinics.

New Frontier is one of the largest and fastest growing integrated healthcare service providers in China.

Antony Leung, Co-founder and Chairman of New Frontier Group, said “Given the chronic and growing demand for quality cancer care in China, I’m grateful that we have found a partner who is not only a sector leader but also shares our corporate mission of Doing good and Doing Well, with Love.”

Prof. Ronnie Poon Tung-Ping, Founder of HKIOC, said “I am thrilled that HKIOC has joined New Frontier Group, a moment that fills entire team with tremendous pride. This partnership is a recognition of our accomplishments and growth as a comprehensive oncology diagnostic and medical centre since our establishment in 2015. The integration into New Frontier presents a significant opportunity to contribute to the medical development of the Greater Bay Area, and I hope our centres, along with the entire group, can lay a solid foundation in oncology for decades to come.”

Sophia Wu, Managing Director and Head of Healthcare China, BDA, said “We’re pleased to have found HKIOC a new partner and set the stage for its next phase of growth with New Frontier. This transaction further showcases BDA’s expertise in the Asian healthcare service sector.”

TE Asia and HKIOC’s other shareholders were also advised by Robertsons (legal) and KPMG (financial).

About HKIOC

Established in 2015, the Hong Kong Integrated Oncology Centre and the Hong Kong Integrated Diagnostic Imaging Centre have been dedicated to providing quality and holistic multidisciplinary specialist services for cancer diagnosis, treatment and wellness services. Since 2016, HKIOC has forged a strategic partnership with the Hong Kong Adventist Hospital Oncology Centre, introducing the concept of daycare cancer treatment that entails integrated services across disciplines. www.hkioc.com.hk/en

About TE Asia

Founded in 2014, TE Asia invests in and operates specialty hospitals and centres in close partnership with doctors, to deliver efficient and high-quality healthcare across Southeast Asia. TE Asia focuses on oncology, cardiology and orthopedics, and manages group practices in Hong Kong, Malaysia, Singapore, Indonesia, Vietnam and the Philippines. TE Asia is backed by TPG Capital. www.tehealthcare.com

About New Frontier

New Frontier Group was founded in 2016 by Mr. Antony Leung, former Financial Secretary of Hong Kong, and Mr. Carl Wu, former Managing Director at Blackstone, with the goal of addressing some of the most pressing healthcare needs. In the short time since its founding, New Frontier has become one of the leading private healthcare service providers in Greater China, offering a comprehensive range of services that span across the entire healthcare continuum. This includes general and specialty healthcare, rehabilitation care, home care, health insurance services, health technology and more. www.new-frontier.com/en

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc, a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com