Mitsubishi Corp. has acquired a minority stake in Singapore-based Fullerton Health, joining private equity backer RRJ Capital in supporting the company’s next phase of growth, according to a Bloomberg report.

The investment is expected to accelerate Fullerton’s expansion in Southeast Asia, with plans to strengthen its digital and AI capabilities while deepening its presence in existing markets such as Singapore, Indonesia, and the Philippines. The healthcare group also intends to enter new markets in the region.

“This partnership reflects strong alignment between Mitsubishi and our existing shareholders on the long-term value and industry leadership potential of Fullerton Health,” said Ho Kuen Loon, Chief Executive Officer of Fullerton Health.

Founded in 2010, Fullerton operates 479 facilities across nine Asian markets, supported by a network of 18,000 healthcare providers. The company manages about 12.5m healthcare transactions annually and has been a long-standing partner to public health systems in the region.

Fullerton was valued at close to $1bn in 2024 during a deal with Far East Drug Co., according to Bloomberg. Mitsubishi’s investment follows a wave of Japanese corporate interest in Southeast Asia, including NTT Data’s acquisition of a majority stake in Malaysian payments company GHL Systems last year.

Bank of America acted as sole financial adviser to Fullerton Health. The financial terms of the deal were not disclosed.

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