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TPG, Carlyle sell Healthscope pathology assets for $100m

  • Alvina Yuen
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TPG Capital and the Carlyle Group have sold the New South Wales, Queensland and Western Australian pathology businesses of their portfolio company, Healthscope, for A$100 million ($100 million). The buyer was pathology and radiology group Sonic Healthcare.

The three businesses have combined annualized revenue of A$105 million. The purchase price will be funded from Sonic's existing debt facilities, according to a statement released on Wednesday.

Healthscope, the country's second-largest hospital operator, was bought by TPG and Carlyle for A$2.7 billion in 2010. At that time was the biggest buyout deal in the nation since 2007. However, the hospital has been looking to sell its weaker units to focus on other parts of its Australian and offshore businesses.

"In view of our capital projects pipeline and growth prospects in other areas of Healthscope's business, Healthscope has decided to sell its pathology business in Queensland, New South Wales, Australian Capital Territory and Western Australia," Managing Director Robert Cooke said.

The deal is subject to approval from the Australian Competition and Consumer Commission. Completion of the transaction is expected by August 2012.

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