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    RHC   AU000000RHC8

RAMSAY HEALTH CARE LIMITED

(RHC)
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Ramsay Health Care Makes All-Cash Offer for U.K.'s Spire Healthcare -- Update

05/26/2021 | 03:19am EDT

By Stuart Condie

SYDNEY--Ramsay Health Care Ltd. has made an all-cash offer for U.K. rival Spire Healthcare Group PLC, a move that the Australian hospital operator said will create a leading U.K. service provider.

Ramsay on Wednesday said Spire's board had unanimously recommended shareholders accept its offer of GBP2.40 (US$3.40) a share, which implies a company enterprise value of GBP2.06 billion. Shares in Spire last traded at GBP1.93.

Ramsay said the acquisition would be funded by existing debt facilities and may require the divestment of some U.K. assets to gain approval from U.K. regulators. Ramsay said it will engage in one or both of capital management and a strategic review following the acquisition, which it expects to close in July.

It has already secured undertakings to vote in favor of the scheme from shareholdings representing about 30.4% of Spire's issued share capital.

Ramsay said the acquisition of Spire's 39 hospitals and eight clinics would be transformational, diversifying the Australian company's payer sources and expanding its geographic reach. The combined group wil target self-pay and insured patients to address demand from a public health waiting list that stood at 5 million patients in March.

"The transaction will also create the platform to address the growing patient demand for more convenient healthcare through increased investment in digital innovation and transformation," Chief Executive and Managing Director Craig McNally said.

Ramsay said it had already identified GBP26 million in annual savings.

Ramsay shares closed 0.7% lower at A$64.54 (US$50.04), up 3.8% for 2021.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

05-26-21 0318ET

Stocks mentioned in the article
ChangeLast1st jan.
COMBINED GROUP CONTRACTING COMPANY - K.S.C. (PUBLIC) 4.60% 0.341 End-of-day quote.69.65%
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.63%
RAMSAY HEALTH CARE LIMITED -0.12% 64.14 End-of-day quote.3.15%
SPIRE HEALTHCARE GROUP PLC 0.00% 222 Delayed Quote.42.86%
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Financials
Sales 2021 13 023 M 9 559 M 9 559 M
Net income 2021 486 M 356 M 356 M
Net Debt 2021 7 362 M 5 404 M 5 404 M
P/E ratio 2021 29,9x
Yield 2021 1,74%
Capitalization 14 605 M 10 729 M 10 720 M
EV / Sales 2021 1,69x
EV / Sales 2022 1,60x
Nbr of Employees 78 300
Free-Float 76,8%
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 64,14 AUD
Average target price 69,62 AUD
Spread / Average Target 8,54%
EPS Revisions
Managers and Directors
Craig Ralph McNally Chief Executive Officer, MD & Executive Director
Martyn Roberts Group Chief Financial Officer
Michael Stanley Siddle Chairman
John Stephen Horvath Group Chief Medical Officer
Peter John Evans Deputy Chairman