Infratil will buy between 50.1% and 60% of Pacific Radiology, in a move that marks its shift toward the healthcare sector after it announced a strategic review of its assets and acquired an Australian diagnostic imaging firm last year.
The deal implies a value of NZ$867 million for the radiology firm.
The Pacific Radiology stake acquisition, combined with a scaling up of investment in diagnostic firm Qscan Group, will allow Infratil to build its own healthcare platform in Australia, a sector it sees as having “considerable opportunity”.
“The Pacific Radiology acquisition, if completed, sits with Infratil’s other high performing, high quality assets, and builds on its investment last year in Qscan Group,” Infratil Chief Executive Officer Jason Boyes said.
Infratil last year decided to offload its 65.5% stake in Tilt Renewables as part of a strategic review amid growing demand for green energy assets globally.
The remaining stake in Pacific Radiology will be held by its radiologist shareholders if the deal goes through, Infratil said in a statement.