October 15, 2019 / 12:35 AM / 8 months ago

KKR-led group buying $685 mln stake in Philippines' top hospital chain

MANILA, Oct 15 (Reuters) - Philippines' Metro Pacific Investments Corp said on Tuesday it is selling a stake in the country's largest hospital chain to a consortium led by private equity firm KKR & Co for 35.3 billion pesos ($684.5 million).

The consortium will acquire a 42.5% stake in Metro Pacific Hospital Holdings Inc through common shares and mandatory convertible bonds, the company said, adding it is also postponing a planned share offer.

Metro Pacific had pursued a dual track process to reduce its holding in the hospital chain and raise cash for debt payments. It announced plans to sell a minority stake in August, followed by a September filing to conduct an up to $1.6 billion initial public offering. ($1 = 51.57 Philippine pesos) (Reporting by Neil Jerome Morales; Editing by Muralikumar Anantharaman)

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