KKR-led group ups $14.7bn bid for Ramsay Health Care

A consortium led by international New York-based funding agency KKR has bid round US$15 billion for international Australia-based hospital operator Ramsay Well being Care.

Following the announcement, Ramsay’s shares jumped 29%, sitting at A$82.99 on the time of writing.

Underneath the nonbinding, indicative proposal from the consortium, Ramsay shareholders could be entitled to obtain A$88.00 per share money, much less any odd or particular dividends paid to shareholders after the date of the indicative proposal (together with the odd dividend of A$0.485 per share paid on 31 March 2022). Ramsay shareholders would have the choice to obtain a part of the consideration in unlisted scrip within the consortium holding entity.

Well being Workers Superannuation Belief Australia (HESTA), an Australian tremendous fund devoted to well being and group companies, has introduced that it’s a part of the KKR-led consortium. Abu Dhabi Funding Authority (ADIA), an investor that invests on behalf of the federal government of Abu Dhabi, can also be amongst traders within the consortium led by KKR, based on Bloomberg.

If accomplished, the takeover would rank as the largest personal equity-backed buyout of an Australian firm and could be the largest deal in Australia this yr, Reuters experiences.

Ramsay Well being Care is Australia’s largest personal hospital operator. It operates hospitals and clinics in 10 nations together with France, the UK and Italy with a community of greater than 532 areas. In December 2021, Ramsay Well being Care paid £775 million for UK’s psychological healthcare group Elysium Healthcare.

Ramsay has appointed UBS AG, Australia Department and Herbert Smith Freehills as monetary and authorized advisors respectively.

Date printed: April 21, 2022