Australia’s Evolution Healthcare pays premium to buy stake in rival Acurity Health

Evolution Healthcare, the Australian private equity healthcare company which owns Boulcott Hospital in Lower Hutt, is buying shares in Acurity Health which owns rival Wakefield Hospital.

Shares in private hospital group Acurity Health jumped 36 percent to an 11-month high as about 3.8 percent of the stock changed hands at $5.50.

Evolution Healthcare "is obviously trying to buy a large stake in Acurity Health," said Bryon Burke, head of equities at Craigs Investment Partners. Burke said Evolution was paying a premium to get volume although he didn't know how big a stake was being sought.

Evolution also owns Shellharbour Private Hospital, South Coast Private and Canberra Private Hospital, according to the company's website. Managing director Ben Thynne wasn't immediately available for comment.

BusinessDesk.co.nz

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