Street Talk

Di Pilla’s HMC Capital is elbows-first with Healthscope proposal

Sarah Thompson, Kanika Sood and Emma Rapaport

Mar 30, 2025 – 6.23pm

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David Di Pilla’s HMC Capital has lobbed a takeover proposal for the country’s second-largest hospital group Healthscope, after several weeks of legwork that included wedging itself into the target’s $1.6 billion debt stack.

Street Talk can reveal Di Pilla, in broad terms, proposes to acquire Healthscope’s operating business for a price that could help Brookfield pay down debt. Of note, the proposal is contingent on Healthscope’s 31-odd lenders taking haircuts, in some cases as low as 20¢ in the dollar.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.