This article is from the Australian Property Journal archive
CANADIAN giant Brookfield’s $4.4 billion takeover of ASX-listed Healthscope was sealed on Friday, given the green light by the Federal Court of Australia within days of the hospital operator’s shareholders voting overwhelmingly in favour of the acquisition.
It brings to a close the long-running battle between Brookfield and a consortium headed by BGH and major Healthscope shareholder AustralianSuper.
Healthscope had weighed up the prospect of spinning off its hospitals into a new $1 billion unlisted property trust after rejecting takeover bids throughout last year from both parties. Brookfield came back later in the year with muscled-up deal that knocked out its rival and prompted Healthscope to grant it exclusive due diligence. AustralianSuper eventually backed the Brookfield deal.
As a part of the acquisition, a joint venture between Canada’s NorthWest Healthcare Properties and Singaporean sovereign fund GIC will acquire a 50% stake in Healthscope’s $2.5 billion hospitals portfolio, along with New York Stock Exchange-listed Medical Properties Trust.
Healthscope’s 11 properties will be forwarded on to each of Medical Properties Trust and the NorthWest JV with leaseback agreements.
New Zealand-based healthcare operator Vital recently backed out of its partnership with Toronto-listed NorthWest in acquiring the assets.
Brookfield’s cash consideration of $2.465 per share will be paid on 6th June.
Australian Property Journal
