The Hong Kong Private Equity group led a cross-office Goodwin team on advising TW Troy Limited (“TW Troy”) as international counsel on its proposed acquisition of all the issued and paid-up shares in TalkMed Group Limited (“TalkMed”). TalkMed is a premier provider of medical oncology, stem cell transplant and palliative care in Singapore and is a publicly listed company on the Mainboard of the Singapore Exchange Securities Trading Limited.
The proposed acquisition will be effected by way of a scheme of arrangement in accordance with Section 210 of the Companies Act 1967 of Singapore and the Singapore Code on Take-overs and Mergers, with the intention to delist and privatise TalkMed.
TW Troy, a special purpose vehicle established for this transaction, is indirectly wholly-owned by Tamarind Health Limited (“Tamarind Health”), a portfolio company controlled by alternative asset manager Templewater and its affiliates. Tamarind Health is a pan-Asian oncology-focused group headquartered in Singapore, which includes OncoCare, Solis, Luma, Can-Care and Novena Heart Centre in Singapore, Icon Cancer Centre in Hong Kong, OncoCare and Can-Care in Malaysia, and Central Luzon Integrated Oncology Centre in the Philippines.
As part of the transaction, 65 Equity Partners, a Singapore-headquartered global investment firm backed by Temasek, will subscribe for shares in Tamarind Health through its Local Enterprise Fund, whose goal is to develop Singapore based regional champions.
Templewater is an Asia based alternative asset manager founded in 2018. Templewater provides its investors, which include global institutions, family offices and high-net-worth individuals, with two (2) core investment strategies: (a) private equity focusing on the Asia Pacific region, and (b) decarbonisation and energy transition investments globally. Templewater also co-manages a real estate fund which focuses on real estate investments in Australia and New Zealand. Templewater’s mission is to provide financial and human capital, operational expertise, corporate governance framework, and integrity to build leading businesses.
The Goodwin team was led by Edwin Chan and included Ingram Cheung, Dorothy Hou, Monique Chan and Billy Chong (PE M&A), Stephen Howard and Dora Cheung (Debt Finance), Ai Tajima (Risk Management & Insurance), Dominic Wong (Funds), with invaluable assistance from Daniel Dusek, Gabriel Lee and Samson Peng (PE M&A).
For more details on the investment, please read the press release.