Brainy deal clinched for undisclosed sum
Abano Healthcare Group sells its brain injury rehabilitation business to Bupa Care Services NZ.
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Abano Healthcare Group, New Zealand’s leading listed specialist healthcare investor and operator, has sold its brain injury rehabilitation business to Bupa Care Services NZ for an undisclosed sum.
Bupa is a global leader in the provision of specialised care services.
The deal is due to be settled at the end of June month following satisfaction of standard change of control conditions.
Abano chairman Trevor Janes says “Bupa has a strong reputation, an established track record, a commitment to high quality care delivery and is financially sound”.
“The offer was an attractive one, and therefore we are pleased to announce the sale.”
Mr Janes says the rehabilitation business has been sold for a consideration above book value, with proceeds to be applied to the reduction of debt and to support Abano’s ongoing investment into its growth sectors, particularly dental in New Zealand and Australia, radiology in New Zealand and audiology in Australia and south east Asia.
Abano shares were trading yesterday at $4.20, up by 19 cents, or 4.74%.
Rod Vaughan
Wed, 11 Jul 2018
Wed, 11 Jul 2018
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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Brainy deal clinched for undisclosed sum
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