LOPEZ-LED First Philippine Holdings Corp. (FPH) has signed an agreement to acquire the local subsidiary of Medical Services of America, Inc. (MSA) as part of its expansion plans in the healthcare industry.
MSA provides a comprehensive range of cardiopulmonary services and equipment for hospitals and home-services patients.
FPH President and Chief Operations Officer Francis Giles B. Puno and MSA-Philippines General Manager Aurora J. Dereja signed the agreement on Dec.9, the firm said in a press release on Sunday.
“This new acquisition provides FPH a platform to add new service offerings to what MSA-Philippines offers now in the healthcare industry,” FPH Senior Vice-President for Health Services Businesses Joaquin E. Quintos, IV said in a statement.
FPH currently has two more health-related businesses which are Asian Eye Institute and Philippine Impact Health.
“The services created from these various healthcare businesses aim to improve the ecosystem of healthcare providers in the country and, ultimately, the health and wellness of the Filipino population,” Mr. Puno said.
FPH received advice from SGV & Co. and Puno Law for the acquisition, while MSA was advised by PwC Philippines and Cabrera & Co.
MSA was originally organized in the US in 1973 as a provider of comprehensive healthcare services. It started in the Philippines as a servicing company for four partner-hospitals five years after it opened in the US.
At present, MSA-Philippines works with over 50 partner-hospitals and clinics nationwide with a portfolio of 200 employees.
“With a strong and credible Philippine parent company, MSA-Philippines hopes to expand further its footprint in the Philippines and offer more healthcare solutions to our partner-hospitals,” Ms. Dereja said.
FPH, which is led by the Lopez family, also has interests in power generation, infrastructure, manufacturing, and property development.
Its subsidiaries include First Gen Corp., Batangas Cogeneration Corp., First Philec, Inc., Rockwell Land Corp., and First Balfour, Inc.