Infratil Limited (NZSE:IFT) executed a conditional agreement to acquire a 60% stake in Pacific Radiology Limited from existing Doctor shareholders for NZD 350 million on April 29, 2021. Under the transaction, Infratil will acquire between 50.1% and 60% of Pacific Radiology for total cash equity consideration of between NZD 292 million to NZD 350 million. Transaction is funded by NZD 583 million of equity (Infratil’s share up to NZD 350 million) with the balance funded from debt facilities at the operating company level. Infratil’s equity investment will be funded through a committed acquisition bridge facility. Upon completion, the existing Doctor shareholders and Management of Pacific Radiology Limited will hold between 40% and 49.9% of Pacific Radiology. The acquisition Enterprise Value of NZD 867 million implies an EV/EBITDA multiple of 12.6-13.3x and is subject to usual completion adjustments for net debt, net working capital and capital expenditure. Completion of the Pacific Radiology acquisition is conditional on counterparty consents to change of control in relation to a small number of material contracts. Transaction is also subject to approval from the Foreign Investment Review Board (Australia), Overseas Investment Office (New Zeland) and the High Court of NZ. As of May 13, 2021, transaction became unconditional. Transaction is expected to complete by May 31, 2021. Transaction is expected to complete on May 31, 2021. Infratil Limited (NZSE:IFT) completed the acquisition of 56.2% stake in Pacific Radiology Limited from existing Doctor shareholders for approximately NZD 310 million on May 31, 2021. The consideration includes estimated transaction costs and is subject to the usual post-completion adjustments for working capital and net debt. Infratil ownership stake in Pacific Radiology will be between 54.1% and 56.2%, with no change to equity consideration. Infratil’s final ownership will depend on the post-completion adjustments and confirmation of doctor and management shareholdings.