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Australia's Healthscope to sell Asian pathology operations to TPG Capital

Australian healthcare provider Healthscope Ltd. is selling its Asian pathology operations to entities controlled by TPG Capital Asia-managed funds in a A$279 million deal.

Included in the sale are 39 pathology laboratories in Singapore, Malaysia and Vietnam, which operate under the Gribbles Pathology and Quest Laboratories brands.

TPG Capital Asia, the Asian investment platform of global alternative asset firm TPG Capital Management LP, will pay the purchase price on a cash- and debt-free basis, subject to customary closing adjustments.

The transaction is expected to be completed by the end of August.

Healthscope intends to use the net proceeds to pay down debt and fund its expansion pipeline.