EQT plans $600M sale of Singapore healthcare provider HMI Medical

EQT is planning to sell its stake in Singapore-based HMI Medical for about $600 million, according to people familiar with the matter, as the Swedish private-equity firm looks to exit a healthcare investment during a wave of dealmaking in Asia's medical-services sector.

The process to sell HMI Medical remains in its early stages and a deal may not materialize, the people said, asking not to be identified discussing confidential information. EQT declined to comment. The firm had approximately $310 billion in total assets under management as of end-March, operating across private capital, infrastructure, real estate and private wealth strategies.

Founded in 1998, HMI runs hospitals, specialist centers, primary-care clinics, ambulatory-care facilities and healthcare-education businesses across Singapore, Malaysia and Indonesia, serving millions of patients annually. The group's multi-country footprint across three Southeast Asian markets positions it as a regional healthcare platform, a structure that typically attracts interest from both strategic buyers and financial sponsors seeking exposure to Asia's growing medical-services demand.

Deal activity in Asia's medical-services sector has remained strong, fueled by rising patient volumes and healthcare spending as more people turn to hospitals, clinics and diagnostic services, according to the source material. Expanding middle classes and urbanization are creating attractive growth opportunities, prompting investors to seek a share of the region's most promising hospital and specialty-care assets. Recent transactions that illustrate this trend include Ontario Teachers' Pension Plan Board's sale of India-based hospital operator Sahyadri Hospitals last year, estimated at around $700 million, and IHH Healthcare's $900 million acquisition of Malaysia's Island Hospital in 2024.

For EQT, a sale at the $600 million level would represent a significant exit from a healthcare investment in one of Asia's most active private equity markets. Singapore has emerged as a hub for healthcare dealmaking, with its well-regulated medical system and position as a regional medical tourism destination drawing sustained interest from global investors. The outcome of the HMI process could provide a valuation reference point for Southeast Asian healthcare assets, where deal volume has risen as private equity firms rotate capital into defensive, growth-oriented sectors.

This article is for informational purposes only and does not constitute investment advice.