Tuesday 31st January 2017
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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.
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