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2022-04-19| COVID-19

KKR-led Group Attempts $14.8 Billion Takeover of Australia’s Ramsay Health Care

by Joy Lin
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A group led by private equity firm KKR & Co has pushed forward with a $14.8 billion bid for Ramsay Health Care. Their takeover attempt sent the Australian company’s shares up by as much as 30%. 

The consortium has offered to buy Ramsay’s shares for A$88 per share in cash, a 37% premium to their last close. If it goes through, it would be the biggest private-equity-backed buyout of an Australian company. 

Ramsay has released a statement saying that preliminary talks were underway. 

Founded in 1964 by businessman Paul Ramsay, Ramsay has since established a global network of healthcare facilities spanning Australia, the UK, Europe, and Asia. 

 

Supporters of the Deal 

 

The takeover has support from a key shareholder of Ramsay. The Paul Ramsay Foundation (PRF), which is the company’s biggest shareholder with a 18.8% stake, has released a statement expressing support. 

“Assessment of any conditional indicative offer is up to the board of Ramsay Health Care. However, should an offer materialise along the lines canvassed in Ramsay Health Care’s ASX Announcement, PRF would support such an offer being put to shareholders,” it said.

The consortium of investors also includes HESTA, Australia’s industry fund for healthcare workers, and Abu Dhabi Investment Authority, the sovereign fund for the United Arab Emirates. 

 

COVID-19 and Other M&As

 

The COVID-19 pandemic has impacted healthcare services and providers such as Ramsay, halting non-urgent surgeries and increasing staff shortages due to isolation regulations.

The recent years have also seen a number of acquisitions involving Australian companies. 

Last year, Australian biopharma CSL revealed a $11.7 billion offer for Swiss drugmaker Vifor Pharma to expand its existing pipeline and diversify from its blood plasma business. 

Meanwhile, Ramsay’s rival Healthscope delisted from the ASX following a $4.1 billion takeover by Brookfield Asset Management in 201.

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