New Frontier Corporation Completes Acquisition of United Family Healthcare

New Frontier Corporation (NYSE: NFC) ("NFC"), a public investment vehicle sponsored by New Frontier Group, announced that it has completed the acquisition of United Family Healthcare ("UFH"). UFH is one of the largest and most recognized integrated premium private healthcare operators in China. In connection with the closing, NFC has changed its name to New Frontier Health Corporation ("NFH"). NFH's ordinary shares and warrants will continue to be listed on the New York Stock Exchange under the new ticker symbols "NFH" and "NFH WS" respectively, commencing December 19, 2019.

UFH is one of the largest integrated private healthcare service providers in China, expecting to generate 2.5 billion yuan in revenue in 2019. UFH currently owns and operates seven hospitals plus two under construction as well as 14 clinics in all four first-tier cities and select second-tier cities in China. The completion of this acquisition marks the latest milestone for NFH on the path towards delivering high quality and comprehensive healthcare services to ever more patients throughout China and continuing to grow through organic expansion and strategic acquisitions.

NFC acquired UFH from its existing shareholders, including affiliates of TPG and Fosun Pharma. The acquisition was funded through a combination of cash in NFC's trust account, borrowings, and proceeds from the private placement of ordinary shares of NFH, led by premier institutional investors. Fosun Pharma will remain as an important long-term strategic partner.

The transaction provided NFH with approximately US$165 million of additional capital, which is expected to be used for general corporate purposes, including for working capital and growth initiatives. As a result of the transaction, the combined company had an initial market capitalization of approximately US$1.4 billion.