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Sonic Healthcare to issue A$600M of new stock to fund Aurora Diagnostics deal

Sonic Healthcare Ltd. will issue A$600 million of new stock to partially fund its US$540 million acquisition of Aurora Diagnostics LLC.

The Australian healthcare services provider will issue 30,769,231 ordinary shares at A$19.50 apiece.

Sonic said it completed the bookbuild for the institutional placement, with participation by existing institutional shareholders and new investors.

The settlement of the placement is expected Dec. 17.

In addition, Sonic said it plans to undertake a non-underwritten share purchase plan for shareholders as of Dec. 11.

Sonic Healthcare intends to buy Aurora Diagnostics, a provider of anatomical pathology services, to grow and transform its U.S. operations.

Sonic provides medical diagnostic and administrative services.