CCS Clears the Proposed Acquisition of Econ Healthcare (Asia) Limited by TPG Inc.

1.      The Competition and Consumer Commission of Singapore (“CCS”) has cleared the acquisition of Econ Healthcare (Asia) Limited (now known as Econ Healthcare (Asia) Pte. Ltd.) (“Econ Healthcare”) by TPG Inc. (“TPG”) (the “Transaction”). TPG also owns Invest Healthcare Pte. Ltd. and its subsidiaries, which engages in the same business activities as Econ Healthcare and its subsidiaries (collectively, the “Relevant Entities”).

2.      CCS has concluded that the Transaction has not resulted in a substantial lessening of competition in relation to the supply of non-residential care services, and both subsidised and unsubsidised nursing home services in Singapore.

3.      Following its assessment of TPG’s submissions and third parties’ feedback, CCS concluded that the relevant markets are likely to remain competitive in view of the low market shares of the Relevant Entities, presence of viable competitors, some constraints on price increases under the Ministry of Health’s schemes for subsidised nursing home services, potential for competitors to switch supply of capacity to unsubsidised nursing home services, and fragmented markets comprising of a mix of for-profit and non-profit suppliers.

4.      Refer to CCS’s public register for more information: https://www.ccs.gov.sg/case-register/public-register/mergers-and-acquisitions/proposed-acquisition-of-econ-healthcare--asia--limited-by-tpg-inc-/