Infratil Limited has announced a conditional agreement to acquire between 50.1% and 60% of Pacific Radiology Group Limited (Pacific Radiology) from existing Doctor shareholders, for total consideration of up to NZD 350 million (US$ 253.63 million).
Pacific Radiology is a private diagnostic imaging service provider in New Zealand, operating 46 clinics in the South Island and lower North Island and employing 90 radiologists throughout New Zealand.
Upon completion, the existing Doctor shareholders and Management will hold between 40% and 49.9% of Pacific Radiology. The acquisition Enterprise Value of NZD 867 million (US$ 620.53 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.
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