Property giant firm Ayala Land Inc. (ALI) has acquired a stake in a hospital group owned by the Mercado family, signifying the firm’s entry into country’s healthcare business.
ALI announced on Monday that it has entered into an agreement to acquire Whiteknight Holdings Inc. (WHI), a company which is wholly-owned by the Mercado family and a 33-percent equity stockholder of Mercado General Hospital Inc. (MGHI).
According to the real estate developer, the acquisition of WHI will allow them to build a strategic partnership with the Mercado Group and support MGHI’s future growth.
“This partnership will accelerate the provision of medical facilities in our new and existing integrated, mixed-use communities,” said ALI President and Chief Executive Officer Antonino Aquino.
“Together with our traditional residential, office, shopping center and hotel products, the new medical facilities will further enhance and complete our communities, making them the center of development in their region,” he added.
The plan is for MGHI to expand across several geographies nationwide, where ALI’s developments are currently located or planned to be located.
MGHI currently owns and operates hospitals and ambulatory surgical centers in Batangas, Cebu and Manila, and is setting-up one more facility in Iloilo City.
“The partnership will allow us to realize our vision of making quality healthcare accessible to more Filipinos,” said Dr. Edwin Mercado, president and chief executive officer of WHI.