| Wakefield expands hospital interests to Auckland |
| Friday, 02 September 2011 00:00 |
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As part of its continuing growth strategy, Wakefield Health Limited (NZSX: WFD) today announced that it had entered into an agreement to acquire a 30% interest in Endoscopy Auckland Limited and Laparoscopy Auckland Limited. The agreement also provides Wakefield with options to increase its stake in these businesses to 50% over the next five years. Endoscopy Auckland and Laparoscopy Auckland are complementary businesses and operate from the same site based in Epsom, Auckland. Endoscopy Auckland is the region’s premier endoscopy facility and New Zealand’s busiest dedicated endoscopy unit, specialising in the investigation and treatment of problems in the gastrointestinal tract. Laparoscopy Auckland is unique as a specialised hospital dedicated to the performance of laparoscopic general surgery and bariatric procedures. Integrated Hospitals Limited, which also owns the Mercy Ascot hospital group, will continue to hold a 50% interest in Endoscopy and Laparoscopy Auckland.
Wakefield Chairman Alan Isaac welcomed the new acquisitions. “These businesses have an extremely strong track record and have built an excellent position in their chosen markets as a result of an absolute commitment to providing a very high quality service backed by a dedicated team of talented professionals” said Mr Isaac. “Wakefield is very pleased to take up this opportunity to invest in the Auckland market as part of a successful established business with potential for further growth and development” he continued. The Endoscopy and Laparoscopy Auckland acquisition follows Wakefield’s recent purchase of Norfolk Investments Limited, which owns 60% of Tauranga’s Grace Hospital. “These recent acquisitions have enabled Wakefield to expand its interests into markets that are anticipated to be at the forefront of New Zealand’s population growth over coming years and that present favourable demographics for a provider of private healthcare services” noted Mr Isaac. “This will provide important diversification of Wakefield’s earnings streams and access to new future growth opportunities. All of these are well established businesses which are co-owned by committed sector investors and operate high quality facilities with pre-eminent positions in their respective markets” he said. The purchase price of $6.8m for the Endoscopy Auckland Ltd and Laparoscopy Auckland Ltd interests will be settled in early September. For further information, please contact: |