Baker & McKenzie has acted for Ramsay Health Care Limited on its A$500 million (US$525 million) joint venture with Sime Darby Berhad in Asia.
The deal will combine Ramsay’s three hospitals in Indonesia with Sime Darby’s portfolio of healthcare assets in Malaysia, under a new joint venture company.
The joint venture is the first investment by Ramsay Health Care in Asia since they acquired their Indonesian Hospitals in 2005 and will be the first expansion for Sime Darby Healthcare outside of Malaysia. Ramsay chief executive Chris Rex said the joint venture would be a platform for expansion and further acquisitions in the Asian health care sector.
The Baker & McKenzie team was led by Sydney M&A partner Ben McLaughlin. The M&A life sciences team included Munir Abdul Aziz, partner in Baker & McKenzie member firm Wong & Partners in Kuala Lumpur, and Mark Innis, Foreign Legal Consultant at Baker & McKenzie member firm, Hadiputranto, Hadinoto & Partners in Jakarta. The partners were assisted by associates Candice Heggelund, Kate Jefferson, and Lawrence Mendes in Sydney.
Citi provided financial advice to Ramsay. Sime Darby’s legal advisers were Christopher Lee & Co (Kuala Lumpur), Hiswara Bunjamin & Tandjung (Jakarta), and Herbert Smith Freehills.
Ben McLaughlin said, “We are delighted to assist a leading Australian company expand into the thriving markets of Southeast Asia. We had the privilege for acting for Ramsay on their French acquisition in 2010, and I believe we have again delivered seamless, integrated, multi-jurisdictional legal services to Australia’s premier health care company. Our M&A life sciences team in our fourteen offices across Asia-Pacific has advised on some of the largest and most complex transactions in this sector, and this deal counts as one of those transactions.”
