KKR Ramsay healthcare

The consortium offered to buy the private-hospital operator for roughly $14.9 billion, raising the private-equity firm's bet on growing demand for ...

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If successful, the takeover would rank as the biggest private equity-backed buyout of an Australian company, and would be the biggest deal in Australia this ...

Refinitiv data shows total deal value of $17.4 billion in Australia so far this year, with a 41% slump in the first quarter from a year earlier. Ramsay operates hospitals and clinics across 10 countries in three continents, with a network of more than 530 locations. KKR is advised by Barrenjoey Capital and Credit Suisse (SIX: CSGN), sources said. Started by Paul Ramsay in 1964 by converting a Sydney guest house into one of the country's first psychiatric hospitals, the Paul Ramsay Foundation sold nearly 11% of Ramsay in 2019 for A$61.80 per share. Ramsay has reviewed the proposal with its advisers and said it is seeking information from the consortium regarding its funding and structure of the deal. The country saw a flurry of blockbuster takeovers in the last year, including the purchase of Sydney Airport and Block Inc's takeover of buy-now-pay-later star Afterpay. HESTA did not respond to a request for comment and the Abu Dhabi fund declined to comment. Australian pension fund HESTA and sovereign fund Abu Dhabi Investment Authority are participants in the consortium, according to a source with direct knowledge of the matter. The deal would represent a substantial return for the Paul Ramsay Foundation (PRF), Ramsay's biggest shareholder with an 18.8% stake, which said it would support the offer. "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. Ramsay said in a statement it would provide the KKR-led group with due diligence on a non-exclusive basis and talks were at a preliminary stage. If successful, the takeover would rank as the biggest private equity-backed buyout of an Australian company, and would be the biggest deal in Australia this year, nearly doubling activity, Refinitiv data shows.

Ramsay Health Care Limited (Ramsay or the Company) is Australia's largest private hospital operator, owning 72 private hospitals.

Once the necessary regulatory approvals have been secured, a binding proposal can be brought before shareholders and is likely to be approved. This is unlikely to occur, because the Consortium has already secured board and key shareholder support at the agreed price. Ramsay Foundation owns 20 percent of the Company. The offer places a value of A$20.1 billion on Ramsay. Directors have agreed to provide the Consortium with due diligence on a non-exclusive basis to enable a binding proposal to be brought before shareholders. KKR is a major player in buyouts around the world and through its private equity arm owns French private hospital group, Elsan. Twenty-eight thousand employees and 7,500 doctors service the needs of 2.2 million patients a year at Elsan. Ramsay’s significant European presence appears complementary to Elsan’s well established French business operation. The offer, which has the support of Ramsay’s largest shareholder, the Ramsay Foundation, represents a 37 percent premium to the price where Ramsay shares last traded. In Asia, Ramsay employs 4,000 people and operates three hospitals in Indonesia, three hospitals and a nursing college in Malaysia and one day surgery in Hong Kong.

A KKR-led consortium is proposing to take over Australia-based global private hospital owner and operator Ramsay Health Care for A$20.1bn (€13.8bn).

Canada’s Northwest Healthcare REIT, backed by GIC, bought Healthscope for more than A$4.4bn in 2019. Ramsay acquired Elysium Healthcare for £775m in December last year. In response to media speculation, Ramsay confirmed it had received the indicative proposal from the consortium to acquire 100% of Ramsay’s shares at A$88 each by way of a scheme of arrangement.

There's a private equity job coming to hugely successful Australian private hospitals pioneer Ramsay Health Care. Having traded sideways for the past two ...

KKR, advised by Barrenjoey (whose bankers have been sniffing around both Ramsay and the foundation for years) and Credit Suisse, knows there’s a potential deal to be done. From there, it will be about trying to make the business work a few clicks faster and more efficiently. The foundation’s board includes Michael Siddle and Peter Evans, both senior Ramsay directors and men who started working for their mentor Paul Ramsay in the 1960s. The foundation is understood to want Ramsay to take KKR through due diligence and see whether the private equiteers can firm up their $88 a share bid. The foundation is said to be in lockstep with Ramsay’s board, which is unsurprising given the two’s shared history and links today. Since then, KKR has signed the required confidentiality and standstill agreements and started due diligence.

A KKR-led group has made a $14.8 billion takeover bid for Ramsay Health Care, reported Reuters. The newswire noted that Australian pension fund HESTA and ...

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The consortium offered to buy the private-hospital operator for roughly $14.9 billion, raising the private-equity firm's bet on growing demand for ...

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