New Frontier Corporation (NFC) and United Family Healthcare (UFH) announced that they have unanimously approved and entered into a definitive transaction agreement under which NFC will acquire UFH from its existing shareholders, including affiliates of TPG and Fosun Pharma, to create one of China's largest publicly listed integrated healthcare services companies. With an anticipated initial enterprise value of $1,440 million, the new company will operate under the name of New Frontier Health Corporation (“NFH” or the “Company”) with the mission to deliver high quality and comprehensive healthcare services across China, and to continue to grow through organic expansion and strategic acquisitions. Following the close of the transaction, Mr. Antony Leung (Chairman of NFC) will become Chairman of the company's board of directors, Mr. Qiyu Chen (Chairman of Fosun Pharma) will be Co-Chairman of the company's board of directors, and Ms. Roberta Lipson (Founder and CEO of UFH) will be CEO of NFH.

Mr. Carl Wu (CEO of NFC) will lead a new executive committee of the company's board of directors to support and guide the management for the continued success of NFH.