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April 20, 2022

KKR-led group makes indicative takeover offer for Ramsay Health Care

The indicative proposal is subject to several conditions, including regulatory approvals and Ramsay shareholder approval.

Australian hospital network Ramsay Health Care has received a conditional, non-binding, indicative takeover offer from a financial investors’ consortium led by KKR.

According to media sources, the offer is valued at approximately $14.74bn (A$20bn).

As per the terms of the proposal, the shareholders of Ramsay Health Care will be entitled to receive A$88.00 cash per share.

They will also have the option to receive part of the consideration in unlisted scrip in the consortium holding entity.

The company stated that the indicative proposal is subject to several conditions, including regulatory approvals, Ramsay shareholder approval, consortium’s investment committee final approval, as well as the completion of satisfactory due diligence.

UBS AG, Australia Branch and Herbert Smith Freehills have been appointed by the company as financial and legal advisers, respectively.

Ramsay Health Care said in a statement: “Having reviewed the indicative proposal with its advisers and sought further information from the consortium in relation to its sources of funding, structure and the regulatory approvals required to complete any transaction, the Ramsay Board of Directors (the Board) has determined it appropriate to provide the consortium with due diligence on a non-exclusive basis to explore whether the consortium can put forward a binding proposal that is in the best interests of Ramsay’s shareholders.”

Founded in 1964, Ramsay Health Care provides health care services through a global network of clinical practice, teaching and research across ten countries.

The company has 72 private hospitals and day surgery units in Australia and 34 acute hospitals and day procedure centres in the UK.

In May last year, Ramsay Health Care agreed to acquire private hospital group Spire Healthcare.

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