Listed Australasian infrastructure asset manager Infratil is buying between 50.1% and 60% of diagnostic imaging business Pacific Radiology for up to NZ$350m (鈧�209m).
Pacific Radiology is the largest private diagnostic imaging service provider in New Zealand, operating 46 clinics in the South Island and lower North Island.
Infratil, managed by Morrison & Co, said upon completion of the transaction, the existing doctor shareholders and management would hold between 40% and 49.9% of Pacific Radiology.
Infratil CEO, Jason Boyes, said the Pacific Radiology acquisition, if completed, sat well with Infratil鈥檚 other high-performing, high-quality assets, and built on its investment last year in Qscan, a diagnostic imaging business in Australia.
鈥淲hen we outlined the company鈥檚 strategic direction in February, healthcare was identified as a sector of considerable opportunity,鈥� he said.
鈥淒iagnostic imaging is an essential services industry, offering a combination of defensive characteristics and structural long-term growth.鈥�
Boyes said: 鈥淲e also see this as an opportunity to scale Infratil鈥檚 investment in Qscan Group, and to create a meaningful Australasian healthcare platform with potential synergies and adjacent opportunities.
The chairman of Pacific Radiology Group, Adrian Balasingam, said that, as a long-term shareholder, Infratil would add value to the group鈥檚 ongoing plan to expand its services.
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