Baker McKenzie Wong & Leow, the member firm of Baker McKenzie International in Singapore, advised Zuellig Pharma's Singapore subsidiary MiCare HealthTEC Holdings Pte. Ltd. ("MiCare") on its strategic M&A transaction pursuant to which Mitsui & Co. (Asia Pacific) Pte. Ltd. and International Finance Corporation will be investing approximately USD 60 million in MiCare. Zuellig Pharma will remain as MiCare's largest shareholder.
MiCare is one of Asia Pacific's leading medical claims administrator and the strategic investment will be used to fund MiCare's expansion in key Southeast Asian markets including Indonesia and Vietnam, and to set up a new regional headquarters in Singapore.
This cross-border M&A transaction was led out of Singapore by Local Principal Ting Xiao Hui, with support from senior associate Sharon Foo and associate Pearlyn Chen.
MiCare currently processes approximately USD 400 million of medical claims annually, and manages and administers medical claims for over 45 insurers in the region, serving more than 6,500 corporate clients in over 5,000 hospitals, clinics and pharmacies.