TPG, Carlyle complete exit from Australia's Healthscope

According to a filing, CT Healthscope Holdings - a vehicle owned by the two PE firms - sold 308.2 million shares via an underwritten block trade. The price was not specified, although IFR put it at A$2.77, which would have generated about A$853.7 million ($612 million). Healthscope's stock closed at A$2.82 on November 23 and has since dropped to A$2.64.

TPG and Carlyle previously made a partial exit in September, selling 350 million shares. The stock closed at A$2.71 the day before the exit was announced. This followed the sale of 225.4 million shares for A$473 million as part of Healthscope's IPO in July 2014. The company raised A$2.25 billion after pricing the offering at A$2.10 per share.

Healthscope's valuation of A$3.63 billion on going public represented a substantial premium to the A$1.99 billion TPG and Carlyle paid for the business.

At the end of the 2015 financial year, Healthscope had a network of 45 private hospitals offering inpatient and outpatient services, 50 pathology laboratories and 52 medical centers. During the course of the year, the company provided care for over 900,000 patients in its hospitals, performed more than 140,000 surgical inpatient surgical procedures, 7 million pathology tests, and 2 million GP consultations.

The hospitals business accounts for the vast majority of overall revenue, which reached A$2.2 billion in 2015 - from continuing operations - up 5.8% year-on-year. Operating EBITDA rose 10% to A$381 million, while net profit came to A$140.9 million, compared to a A$183.2 million loss the previous year.

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