One of the busiest companies on the NZX, investment company Infratil, has underlined that not all of the sharpest operators in NZ business have deserted Wellington for the brighter lights of Auckland.
This week the company announced it has executed a conditional agreement to acquire between 50.1% and 60% of Pacific Radiology Group, a comprehensive diagnostic imaging business, from its existing doctor shareholders for a total consideration of up to $350m.
Pacific Radiology is the largest private diagnostic imaging service provider in NZ, operating 46 clinics in the South Island and lower North Island and employing 90 radiologists.
The acquisition enterprise value of $867m implies an EV/EBITDA multiple of 12.6-13.3x.
Infratil chief executive Jason Boyes says the Pacific Radiology acquisition, if completed, will sit well with Infratil’s other high-performing, high-quality assets, and builds on its investment last year in Qscan Group, a leading diagnostic imaging business in Australia. Continue reading “The bid for Infratil from Australian Super was a fizzer – and now we can see why that’s been great for shareholders and NZ”