AIA in talks to buy Philippines MediCard

The deal could raise the value of the healthcare provider to $350m.

Insurance giant AIA is in discussions to acquire MediCard Philippines, Inc. according to a report by Bloomberg.

The move is part of AIA’s plans in expanding its footprint in Southeast Asia, according to sources.

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The report said that AIA and MediCard are finalising the details of the transaction and could potentially reach an agreement in the next weeks after the Hong Kong-based insurer outbid other insurers and investment funds. The deal could raise the value of MediCard to more than $350m