AIA acquiring Philippine insurance major MediCard

AIA and MediCard Philippines are finalising the details of a possible acquisition and could reach an agreement in the coming weeks. AIA, a Hong Kong-based insurance company, outbid other insurers and investment funds in the race to acquire the Philippine health insurance giant. A deal could value the Philippine company at more than USD350m. The closely held healthcare company has been reportedly working with a financial adviser on the potential sale that could value the business at USD300m to USD400m, Bloomberg News reported earlier this year. MediCard is the only health maintenance organisation in the Philippines that was founded and managed by doctors. Since 1986, the company has grown from providing health care to individuals and families to serving large local and multinational corporations.