AIA Group Limited (SEHK:1299) agreed to acquire MediCard Philippines, Inc. on September 28, 2022. MediCard Philippines has reported revenue of $182 million for the year ended December 31, 2021. Nicky Montoya will continue to lead MediCard as the Chief Executive Officer after the transaction.

The deal is subject to regulatory approvals and other customary closing conditions. As on January 8, 2023 The Philippine Competition Commission approved the acquisition. Ernst & Young acted as financial and due diligence provider to AIA.

Edwin Northover and Jan Buschmann acted as legal advisor to AIA Group Limited in the transaction.