First Philippine Holdings Corp., a listed company under the Lopez Group, acquired the local subsidiary of Medical Services of America Inc., a provider of a comprehensive range of cardiopulmonary services and equipment for hospitals and home-serviced patients.
FPH president and chief operating officer Francis Giles Puno and MSA-Philippines general manager Aurora Dereja signed the agreement on Dec. 9, 2022.
“MSA-Philippines represents a great addition to FPH’s growing portfolio of healthcare businesses, which now include Asian Eye Institute and Philippine Impact Health. The services created from these various healthcare businesses aim to improve the ecosystem of healthcare providers in the country and, ultimately, the health and wellness of the Filipino population,” Puno said.
FPH senior vice president Joaquin Quintos IV who heads the conglomerate’s health service businesses said the acquisition would provide FPH a platform to add new service offerings to what MSA-Philippines offers in the healthcare industry.
FPH, one of the country’s oldest and largest conglomerates, also has interests in power generation, infrastructure, manufacturing and property development.
MSA was originally organized in the US in 1973 as a provider of comprehensive health care services that include home and hospice care, distribution, rental and supply of medical equipment.
It started in the Philippines as a servicing company for four partner-hospitals in 1978, or five years after it opened in the US.
MSA-Philippines works with over 50 partner-hospitals and clinics around the country through its 200 highly trained employees.
The firm hopes to expand further its footprint in the Philippines and offer more health care solutions to partner-hospitals.
SGV & Co. and PwC Philippines and Puno Law and Cabrera & Co. acted as financial advisors to FPH and MSA, respectively.