Ontario Teachers’ buying stake in New Zealand pathology business
The Ontario Teachers’ Pension Plan and the New Zealand Superannuation Fund are each taking on a 50 per cent stake in New Zealand-based pathology business Asia Pacific Healthcare Group.
Healthscope, a national private health-care provider in Australia, is selling the business in a deal valued at more than NZ$550 million, subject to customary approvals. Healthscope’s sale of the business is part of its strategy to realign its focus to Australian hospital operations.
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“We are excited about the opportunity to invest in APHG alongside our partner the NZ Super Fund and working together with the company as it transitions to a stand-alone entity,” said Ben Chan, regional managing director for Asia Pacific at Ontario Teachers’, in a press release.
“Ontario Teachers’ has an extensive track record of investing in leading health-care businesses including in the pathology sector and we look forward to putting this expertise to work to help support APHG’s next stage of growth while ensuring they continue delivering world-class pathology services to New Zealanders.”