TPG-backed hospital operator Columbia Asia and a consortium led by Affinity Partners have emerged as the two shortlisted bidders for buying Asia-focused private hospital group Ramsay Sime Darby Health Care, people familiar with the deal said.

One of the people said the 50:50 joint venture between Australian hospital operator Ramsay Health Care and Malaysian conglomerate Sime Darby aims to wrap up its over $1 billion sale by December.