Billionaire real estate magnate Lang Walker has increased his stake in Medical Australia , an animal and human health care company, to 4 per cent after snaffling 10 million shares at 20¢ apiece in a placement.
The deal allows Medical Australia, capitalised at just $15 million, to complete the acquisition of MediVet. Medical Australia and MediVet already had a relationship, with the former picking up the British distribution rights to distribute MediVet’s regenerative stem-cell treatment in 2011. In terms of cash, the deal is a drop in the ocean compared to Walker’s typical property transactions. In October, he offloaded the Melbourne head quarters of the Australian Taxation Office for $279 million to Singapore’s CIMB TrustCapital Advisers and two major Malaysian pension funds.