Allens has advised leading Australian private hospital operator Healthe Care Australia in relation to the acquisition of ASX-listed Pulse Health Limited and three hospitals in the Illawarra region of New South Wales.
Healthe Care, a wholly owned subsidiary of the Chinese-owned Luye Medical, will acquire Pulse by way of scheme of arrangement for $0.47 per share – an equity value for Pulse of $120 million.
In a separate, concurrent transaction, Healthe Care also acquired three hospitals in the Illawarra region from Evolution Healthcare for a total value of $53 million.
The Pulse scheme was complicated by the commonality of interests between certain stakeholders in Evolution and a substantial shareholder of Pulse, requiring supplementary disclosure to Pulse shareholders.
The Evolution transaction completed on 13 April 2017, while the Pulse scheme is due to be implemented on 16 May 2017, having received all required Court, shareholder and regulatory approvals, including approval from the ACCC.
The investments in Pulse and Evolution are the latest additions to Healthe Care's strong and growing portfolio of private hospital assets throughout Australia and New Zealand.
Formed in 2005, Healthe Care is now the third largest corporate private hospital operator in Australia and one of the country’s largest privately owned healthcare organisations.
The Allens team was led by M&A Partner Tom Story and Competition Partner and Chairman of the firm, Fiona Crosbie.
'We are pleased to have assisted Healthe Care to successfully navigate the challenges associated with completing these acquisitions in order to continue the growth of Healthe Care's hospital portfolio,' Tom said.
Allens legal team
M&A Partner Tom Story, Competition Partner and Chairman Fiona Crosbie, M&A Counsel Andrew Wong, Competition Senior Associate James Kerr, and lawyers Alistair Stolz and Jewel Zhu
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.