TPG, Carlyle favor IPO exit for Australia's Healthscope – report

According to Reuters, the private equity firms are targeting a $2.4 billion offering, which would be the third-largest ever seen on the Australian bourse. They are currently lining up institutions in Asia to serve as cornerstone investors for the IPO. The business will have a valuation of A$4.5-5 billion ($4.2-4.7 billion).

An IPO, trade sale and the spinout of property assets into a trust are all seen as possibilities. A number of trade buyers have already expressed interest, with Hospital Corporation of America said to have submitted a bid, while Fosun Group has also been linked to the business.

Healthscope operates more than 4,500 inpatient beds in 33 hospitals, four dedicated mental health hospitals and four rehabilitation centers across Australia, as well as managing three hospitals on behalf of ACHA Group. It also owns and operates around 60 medical centers and specialist skin clinics. Operations stretch to pathology, with services provided in Australia, New Zealand, Singapore and Malaysia, and residential and attendant care in Australia.

TPG and Carlyle bought Healthscope for A$1.99 billion in 2010 and subsequently took it private. The company posted EBITDA of A$328.1 million for the year ended June 2013, up 8.3% year-on-year, while revenue increased 4.5% to A$2.2 billion.

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• Topics
• Healthcare
• Australasia
• Exits
• Australia
• healthcare
• IPO
• Exit
• The Carlyle Group
• TPG Capital