KUALA LUMPUR (May 5): National strategic investment fund Khazanah Nasional Bhd and Mitsui & Co Ltd are set to ink a joint venture (JV) deal with DaVita Kidney Care, a division of US-listed company DaVita, to expand DaVita's kidney care business into the Asia-Pacific region.

DaVita said its division had signed a definitive agreement, subject to closing conditions, with Khazanah and Mitsui to create a "long-term" JV, whereby Khazanah and Mitsui will collectively own 40% in DaVita's Asia-Pacific kidney care business.

DaVita will drive operations as the majority owner of the JV. However, the amount involved in the JV deal was not disclosed.

DaVita said as Khazanah and Mitsui are currently major shareholders of IHH Healthcare, the world's second largest hospital group by market capitalisation, DaVita will be able to leverage on the two entities' "experience and understanding of the healthcare landscape in Asia-Pacific" to accelerate its expansion in the region.

Khazanah, through Pulau Memutik Ventures Sdn Bhd, owns a 43.41% stake in IHH Healthcare while Mitsui, through MBK Healthcare Partners Ltd, holds a 20.06% stake.

DaVita currently operates its kidney care services in 42 cities across Asia-Pacific.

DaVita chairman and chief executive officer Kent Thiry said two-thirds of the world's population lives in Asia-Pacific, and there is not enough capacity to provide access to quality care for patients.

DaVita executive vice president of global operations Atul Mathur said the partnership is a reflection of shared commitment to serve a growing number of patients needing quality dialysis treatment in the region.

IHH Healthcare shares are currently trading five sen or 0.76% lower at RM6.51, giving it a market capitalisation of RM53.54 billion.