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New Frontier closes acquisition of United Family Healthcare


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New Frontier closes acquisition of United Family Healthcare

New Frontier Corp. has completed its acquisition of private Chinese hospital operator United Family Healthcare from its shareholders, including affiliates of TPG Capital LP and Shanghai Fosun Pharmaceutical (Group) Co. Ltd.

United Family Healthcare's CEO Roberta Lipson is now the CEO of the combined company, which is operating under the name New Frontier Health Corp.

The new company received $165 million of capital for general corporate purposes in the acquisition, bringing its market value up to about $1.4 billion.

New Frontier Health Corp. began trading on the New York Stock Exchange under the ticker symbols NFH and NFH WS, effective Dec. 19.

Credit Suisse and UBS AG served as capital markets advisers to New Frontier, while Winston & Strawn LLP, Simpson Thacher & Bartlett LLP, Kirkland & Ellis LLP and Global Law Office acted as legal advisers.

Cleary Gottlieb Steen & Hamilton LLP and Fangda Partners were legal advisers to TPG. Paul Hastings and Hughes Hubbard & Reed LLP were legal advisers to Fosun Pharma and Lipson, respectively.