Crescent Capital has sold its 30 per cent stake in Australian Clinical Labs for about $200m in what is the latest block trade to hit the market.
Shares were sold at $3.20 each, which was a discount of about 4 per cent to the last closing price of $3.33.
Working on the trade for Crescent Capital was E&P Capital.
Shares were sold to a range of domestic and offshore institutional investors.
Crescent priced the business at $4 per share when it listed it in 2021.
It sold a stake of about $400m for the IPO and the group’s market value was about $800m.
The country’s third largest pathology network, Australian Clinical Labs is a roll-up of various businesses, including operations from Healthscope and St John of God.
The move comes after failed efforts last year to merge with pathology rival Healius.
Shares have increased in the past month, but overall, the healthcare sector has been a low, as it battles higher costs.
It also comes after other block trades and the past fortnight, including the Woolworths selldown out of Endeavour Group, Aussie Broadband’s sale of shares in Superloop and Apollo reducing its stake in Challenger.
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