 26-Apr-17, Reuters

Singapore Press Holdings (SPH) has entered the healthcare sector with the acquisition of nursing home provider Orange Valley Healthcare. The purchase cost SGD164 mn (USD118 mn), 2.3 times more than Orange Valley’s estimated Net Asset Value of SGD71 mn on 31-Mar-17.

Image: Reuters

The deal will involve all the shares and intellectual property of Orange Valley being transferred from private equity firm KV Asia Capital, which previously acquired the target in Apr-14, to SPH.

This marks the largest non-property acquisition ever made by SPH, as well as the first of potentially more in the healthcare space. According to SPH, the hope is to build a third major business that will help the group financially as the core media arm goes through a downturn.

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 Healthcare insights