Aussie homecare services firm cleared to buy Healthcare Holdings stake
HHL worth in excess of $100 million.
HHL worth in excess of $100 million.
The Overseas Investment Office has given Australian-controlled Home Care BidCo the green light to buy up to 40% of leading home health and disability services provider Healthcare of New Zealand Holdings in a deal worth more than $40 million.
Home Care BidCo is 92% Australian owned with the other 8% ownership based in the UAE. The company has two wholly-owned subsidiary companies that operate healthcare businesses in Australia.
Healthcare of New Zealand Holdings (HHL) provides community-based health, mental health and disability support and is chaired by former National cabinet minister Wyatt Creech.
Other board members include former Council of Trade Unions head Ken Douglas.
"Home Care's investment in HHL represents an investment in a best practice operator within the region, which will be a valuable addition to the Home Care Group," according to the OIO, which says it is satisfied the criteria for overseas investment in significant business assets has been met. The criteria include relevant business experience, a financial commitment and being of good character.
HHL is worth in excess of $100 million and the company's website shows it has major contracts with a range of government-funded health and disability agencies, including the Accident Compensation Corp.
HHL was not immediately available for comment.
(BusinessDesk)
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