HMI Medical to buy majority stake in Singapore’s largest private urology specialist group

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SINGAPORE (Reuters) – Singapore-headquartered private healthcare company Health Management International, or HMI Medical, said on Friday it is acquiring a majority stake in Advanced Urology Associates, the largest private urology specialist group in the country.

HMI Medical did not provide financial details on the deal in its statement.

With the backing of HMI Medical, Advanced Urology aims to expand its footprint locally and regionally by scaling up its community outreach, doctor recruitment efforts and setting up of new clinics and health facilities, according to the statement.

HMI Medical, which also operates in Malaysia and Indonesia, has been growing via mergers and acquisitions. In November last year, it said it bought a majority stake in Harley Street Heart & Vascular Centre, without disclosing financial details.

HMI Medical was taken private and delisted from the Singapore stock exchange by Swedish private equity firm EQT in 2019 for S$611 million ($468 million).

In June last year, U.S.-based alternative asset manager Apollo Global Management Inc said it invested into the holding company of HMI Medical via its hybrid value business. The value of the investment was not disclosed.

($1 = 1.3052 Singapore dollars)

(Reporting by Yantoultra Ngui; Editing by Sonali Paul)