SINGAPORE (Reuters) – Singapore state investor Temasek and private equity firm KKR (KKR.N) are among the suitors who have advanced to the second round of an auction to buy into the hospital unit of Metro Pacific Investments Corp (MPI.PS), sources told Reuters. The unit, which operates 14 hospitals, many of which are among the largest and most modern in the Philippines, had attracted interest from more than a dozen investors.

Buyout firm CVC and strategic investors figure among the bidders, said the sources, who have knowledge of the matter.

The bidders are valuing the hospital unit at up to $2 billion, pegging its valuation at just over 20 times next year’s estimated core profit, as they seek a majority economic stake in it, the sources added on condition of anonymity as the talks are private.

CVC, KKR and Temasek declined comment, while Metro Pacific did not immediately respond to requests for comment.

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