Fort Worth and San Francisco-based TPG is partnering with Malaysian conglomerate Hong Leong Group to acquire 17 Columbia Asia hospitals in Southeast Asia.

The $1.2 billion transaction is expected to close at the end of this year.

The acquisition includes 12 hospitals in Malaysia, three in Indonesia and two in Vietnam – all of Columbia Asia ‘s hospitals in the three countries. TPG and Hong Leong will each own 50% of the acquired property.

“As Asia’s healthcare market continues to grow significantly, we see a compelling opportunity for Columbia Asia Hospitals to expand and scale regionally," Tunku Ali Redhauddin, a senior advisor at TPG, said in a press release. "Columbia Asia hospitals provide accessible, affordable, and high-quality care in several countries, operating under one cohesive, recognizable brand."

The transaction also includes two clinics, one in Malaysia and one in Vietnam.

The newly-purchased facilities boast about 1,494 beds.

"We have 9 ongoing projects adding an additional bed capacity of 898 in Southeast Asia at various stages of development," Columbia Asia Hospitals CEO Dilip Kadambi said in a statement. "With this expansion and growth baked into the company, we are looking forward to continue delivering care to our communities the 'Columbia Asia' way."

The purchase agreement does not include 11 other Columbia Asia hospitals in India. Those hospitals will remain under the existing ownership of International Columbia US, which is managed by Seattle-based Columbia Pacific Management.

TPG has been active in the Asian health care market. In late July, TPG agreed to sell United Family Healthcare in China to a public investment company for $1.3 billion.

Health care has become one of TPG's leading sectors of focus in recent years, both globally and in Asia. TPG's past and present investments in the health care provider space have included Parkway Pantai (now part of IHH Healthcare), Healthscope, Manipal Health, TE Healthcare and Asiri Hospitals.

TPG currently manages more than $111 billion in assets around the world.

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