A joint venture between U.S. private equity firm TPG Capital Management LP and Malaysian conglomerate Hong Leong Co. (Malaysia) Bhd. agreed to purchase the Southeast Asian subsidiary of Columbia Pacific Management Inc. for about $1.2 billion.

The buying entity, HLT Healthcare Holdings Ltd., reached a deal to purchase Columbia Asia Group unit Columbia Asia Healthcare Pte. Ltd. from International Columbia US LLC, in which Mitsui & Co. Ltd. indirectly owns a share.

The target business operates 17 hospitals and a clinic across Malaysia, Indonesia and Vietnam. The Indian operations, known as Columbia Asia Hospitals Pvt. Ltd. and totaling 11 hospitals, will be spun off from Columbia Asia Healthcare.