Superfund’s $20BN bid to buy owner of Cairns Private Hospital
Critical health infrastructure in Cairns could change ownership in a US superfund’s $20bn bid to buy the facility’s parent group.
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AN industry super fund has confirmed it is part of a consortium led by a US global investment company for a $20bn takeover of Australia’s largest private hospital group, Ramsay Health Care which own Cairns Private Hospital.
On Thursday the nurses and health workers industry superannuation fund HESTA confirmed that it is part of a consortium led by Kohlberg Kravis Roberts which has submitted a non-binding, indicative and conditional proposal to acquire all of the issued share capital of Ramsay Health Care Limited by way of a scheme of arrangement.
However, it is understood at this stage the proposal is still undergoing its due diligence by the consortium of Ramsay’s assets, including the Cairns Private Hospital which comprises a 150 bed acute care facility offering a range of services including Surgical, Medical and Women’s Health Units, Coronary Care, Day Surgery, Renal Dialysis, Oncology, Cardiac Catheter Laboratory and Sleep Disorders Clinic.
HESTA chief executive Debby Blakey said the transaction represented an exciting opportunity to invest in the future growth and success of Australia’s leading private hospital provider.
It is understood that almost a third of HESTA’s more than 900,000 members work directly in healthcare.
“We believe this investment has the potential to have a positive impact on patient health and wellbeing in Australia and abroad,” she said.
“While helping to generate strong returns for our members.”
Ms Blakey said that central to the long-term success of this investment was continuing to enhance the high-quality patient care that Ramsay is renowned for in Australia and globally.
“Ramsay’s care-centred culture is at the heart of its business, driven by dedicated healthcare professionals who deliver outstanding patient outcomes every day,” she said.
“They are vital to the ongoing success of Ramsay and are at the forefront of the Consortium’s shared vision for expansion and innovation that can achieve new standards of care and an enhanced employee experience.”
HESTA said this latest announcement continues the $68 billion industry fund’s strong focus on investing in healthcare, one of the fastest growing sectors of the Australian economy.
In the World’s Best Hospitals 2021 report’s Australian hospital rankings, Cairns Private Hospital was 45th with a score of 69.64 per cent.
Cairns Private Hospital Chief Executive Ben Tooth and Queensland Nurses and Midwives Union Secretary Beth Mohle have each been contacted for comment.
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Originally published as Superfund’s $20BN bid to buy owner of Cairns Private Hospital
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