Investment bank Citi has finally fired the starting gun on the sale process for Australian day hospital provider Cura Day Hospitals Group Pty Ltd. (Cura Group), as documents hit the desks of prospective buyers this week. It is understood information memorandums are now in the market. The understanding is that about 15 to 20 parties have been offered the opportunity to closely scrutinise the business.

About five are likely to be shortlisted, with final offers due in October or November. The sale was initially expected to launch in July but was slightly delayed, with bids now due in August. Cura is owned by Germany's Fresenius Medical Care AG & Co.

KGaA (XTRA:FME). It is the largest day hospital owner in Australia, with 19 assets. Among the suitors expected to line up are Ramsay Health Care Limited (ASX:RHC), Intermediate Capital Group plc (LSE:ICP), and Crescent Capital Partners Management Pty Ltd.