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Healthe Care embarks on major acquisitions

Healthe Care embarks on major acquisitions

Acquisition

The Australian private hospital operator has acquired an ASX-listed company, in addition to three hospitals located in the Illawarra region of New South Wales.

Firm: Allens (Healthe Care Australia); Norton Rose Fulbright (Pulse Health); King & Wood Mallesons (Evolution Healthcare)

Deal: Healthe Care Australia has been advised on the acquisition of Pulse Health Limited, as well as three hospitals in the Illawarra region.

Value: $173 million

Key players: The Allens legal team comprised of 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.

Deal significance: Healthe Care Australia is an Australian private hospital operator and a wholly owned subsidiary of the Chinese-owned Luye Medical, while Pulse Health is an ASX-listed company.

Healthe Care will acquire Pulse by way of scheme of arrangement for $0.47 per share – an equity value for Pulse of $120 million, according to a statement from Allens.

In a separate 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 firm said.

Allens M&A partner Tom Story said the firm was delighted to assist Healthe Care in its latest transactions.

“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,” he said.

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