Blake Dawson Waldron (BDW) was Ramsay Health Care’s primary legal adviser on the company’s recent $1.4 billion acquisition of Affinity Health. The takeover will make Ramsay Australia’s largest private hospital operator.
BDW completed all major legal work for Ramsay (except the bank debt financing work) including two prospectuses — one entitlement offer and one hybrid security offer — within a month.
Ramsay acquired Affinity’s 48 hospitals in Australia and three in Indonesia, giving it a total of 74 private hospitals (assuming the divestment of 14 hospitals as proposed), five aged care facilities, one day procedure centre and approximately 8,100 hospital beds.
The company funded the acquisition with a placement, an ordinary share entitlement offer, a hybrid raising of convertible adjustable rate equity securities and senior bank debt.
Bill Koeck, joint practice head M&A, led the BDW team and managed the acquisition “work streams”.
“The acquisition involved some complicated Australian Competition and Consumer Commission issues and was run under considerable time constraints having been launched and completed within a month,” Koeck said.
Mark Stanbridge led the acquisition work stream, assisted by Michael Beaumont, James Mayne, Barbara Phair and Clare Fawcett. Sarah Dulhunty and Bruce Macdonald led the capital raising work stream, which included Tim Glenn, Chris Greiner, Donald Magarey, Dennis Scott, Michael Vardanega, Emily Cheung, Corey McHattan, Jonathan Scott, Rebecca McGloughlin, Jodie Burger, Melissa Hetherington and Andrew Hilton.
Peter Armitage led the competition law work stream, which included Richard Westmoreland and Ross Zaurrini.