IHH Healthcare has announced the acquisition of the 600-bed capacity Island Hospital in Penang through its wholly owned subsidiary Pantai Holdings Sdn Bhd.

The healthcare group has entered into a sales and purchase agreement with Comprehensive Care Sdn. Bhd., a company established and majority controlled by leading Asian private equity firm Affinity Equity Partners, to acquire a 100% stake in
Island Hospital Sdn. Bhd. for a total equity consideration of RM3.9 billion in cash.

"Island Hospital presents a transformative opportunity for us in Malaysia. Its leading position in Penang, extensive specialist pool and clinical offerings, as well as its status as the hospital of choice for foreign patients, make it an asset that complements our growth plans in the country said Dr Prem Kumar Nair Group Chief Executive Officer, IHH Healthcare
The group said the strategic acquisition of Island Hospital is in line with its growth plans for Malaysia – expanding bed capacity, increasing the quality and accessibility of healthcare services to local patients, strengthening medical tourism contribution to support Malaysia's aspiration and evaluating accretive opportunities aligned with its cluster strategy.