Infratil Limited and Pacific Radiology Group have executed a conditional agreement to partner with Auckland Radiology Group, creating a national diagnostic imaging business.
Auckland Radiology is the largest private radiology provider in Auckland, operating 15 strategically located clinics in the greater Auckland area, and employing 32 radiologists.
Infratil will own at least 50.1% of the combined platform, contributing between NZD30m-NZD60m for this acquisition, with the balance held by Pacific Radiology and Auckland Radiology doctors and management.
Infratil CEO Jason Boyes said, “Inorganic growth was a key pillar of the investment thesis for Infratil’s acquisition of Pacific Radiology, and we are pleased to see that thesis demonstrated early on in our ownership journey with the addition of an outstanding practice like Auckland Radiology. Pre-synergies, the acquisition is return accretive to the Pacific Radiology investment case.
Alongside Infratil’s investments in Pacific Radiology and Qscan Group, a leading diagnostic imaging business in Australia, we are continuing to build a meaningful Australasian healthcare platform.”
“The purchase also confirms our continuing confidence in the New Zealand market and the thematics which are driving our capital allocation in communications and digital infrastructure, decarbonisation, and aging populations”.
For more information: https://infratil.com/for-investors/announcements/2021/infratil-to-partner-with-auckland-radiology-group/