Trio in Fullerton Healthcare’s high-profile merger

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Singapore-headquartered healthcare service provider Fullerton Healthcare has completed a merger led by Hong Kong-headquartered private equity firm RRJ Capital with an equity injection and a senior loan totalling SGD390 million (USD283 million). Latham & Watkins assisted Fullerton Healthcare, while White & Case advised RRJ Capital.

The merger involved the combination of Fullerton Healthcare with Fullerton Health, with the latter continuing as the surviving entity. Having received approval by 85.8% of shareholders, the merger was completed under Cayman Islands law, where the company is registered. Walkers acted as Cayman counsel for Fullerton Healthcare on its recapitalisation.

Latham & Watkins’ team in Singapore was led by partner Sharon Lau, with the support of partners Timothy Hia on finance matters and Farhana Sharmeen on Singapore law. London-based partner Karl Mah helped with tax issues.

White & Case’s team was led by partners David Li in Beijing, and Singapore-based Jonathan Olier and Charles McConnell.

Walkers’ team in Singapore was led by partner James Twigg with support from partner Tania Toh. Prior to this merger, the law firm advised Fullerton Healthcare on its opposition to a winding up petition that had been filed in the Cayman Islands courts by the company’s co-founders. A definitive settlement agreement was reached and the co-founders withdrew their petition.

The dispute was handled by partners Robert Foote and Adam Hinks in Singapore, Joanne Collett in Hong Kong, and Barnaby Gowrie in the Cayman Islands.

The merger will allow Fullerton Health to cut borrowings substantially, increase working capital and have more flexibility to raise funds. Following the merger, RRJ Capital is now the majority shareholder of Fullerton Health.