Sharechat Logo

Aussie homecare services firm cleared to buy 40% of Healthcare of NZ

Tuesday 31st January 2017

Text too small?

 The Overseas Investment Office has given Australian-controlled Home Care BidCo Pty a green light to buy up to 40 percent of leading home health and disability services provider Healthcare of New Zealand Holdings in a deal worth more than $40 million.

Home Care BidCo Pty Ltd, made up of 92 percent Australian interests and 8 percent from the United Arab Emirates, has two wholly-owned subsidiary companies that operate healthcare businesses in Australia. Healthcare of New Zealand Holdings or HHL provides community-based health, mental health and disability support and is chaired by former National Cabinet Minister Wyatt Creech.

Other board members include former Council of Trade Unions head Ken Douglas.

"Home Care's investment in HHL represents an investment in a best practice operator within the region which will be a valuable addition to the Home Care Group,"  according to the OIO, which said it is satisfied the criteria for overseas investment in significant business assets has been met. The criteria includes relevant business experience, a financial commitment and being of good character.

It said HHL was worth "in excess of $100 million" and the company's website shows it has major contracts with a range of government-funded health and disability agencies, including the Accident Compensation Corp.

HHL was not immediately available for comment. 

 

 

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares up 1%, led by Fisher & Paykel, Kathmandu, Spark
NZ dollar heads for 2% decline as resurgent US yields stoke greenback demand
Former Abano shareholders ordered to pay $429k in disputed takeover costs
Seeka shareholder Farmind to cut stake to reduce foreign ownership
Summerset opens Melbourne office as it looks to Australia for growth
Lees-Galloway signals broader health & safety targets in draft strategy
Veritas in refinancing negotiations as ANZ extends debt for a fourth time
ComCom embarks on fibre study to get a handle on looming new policy framework
NZ posts first trade deficit for March month in 10 years as fuel imports surge
NZ log export market picks up after slowdown ahead of Chinese New Year, traders optimistic

IRG See IRG research reports