KUALA LUMPUR: IHH Healthcare Bhd says its proposed sale of the International Medical University (IMU) has been approved by the Ministry of Higher Education.
IHH, in a stock exchange filing, said the deal had become unconditional as of March 3.
In June 2022, IHH announced the proposed disposal of IMU to Inbound Education Holdings Sdn Bhd, a consortium led by TPG's The Rise Fund and Hong Leong Group, for a total enterprise value of RM1.34 billion.
The transaction also includes the sale of IMU's hospital to Columbia Asia Sdn Bhd.
The Rise Fund, TPG's multi-sector global impact investing platform, has about US$16 billion in assets under management.
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992 with US$135 billion of assets under management.
Last month, The Rise Fund announced its second education investment in Malaysia.
It signed a definitive agreement to acquire a controlling stake in Malaysia's Asia Pacific University of Technology and Innovation, along with co-investors including local funds the Employees Provident Fund and the Retirement Fund (Incorporated) or KWAP.
The Rise Fund's focus on strong academic outcomes in high-growth sectors like tech-enablement and healthcare is a core investment theme for TPG across its platforms.
TPG Capital Asia, the firm's Asia-focused private equity platform, had previously invested in Sri KDU, Real Schools and GEMS in Malaysia as part of XCL Education, a leading education platform across Southeast Asia.
TPG's other investments in Malaysia include Gribbles, Lablink, Clinipath and Quantum - as part of Pathology Asia - Columbia Asia, CVSKL, Beacon, Alty and PropertyGuru Malaysia.