An Australian private equity firm is acquiring LifeHealthcare Group Ltd. in cash.
Pacific Equity Partners will pay A$3.75 for every LifeHealthcare share it acquires, a 42% premium to the Australian medical device company's three-month volume weighted average price as of Feb. 2.
The acquisition will happen by way of a court-approved transaction expected to close later this year. LifeHealthcare said it will declare a special dividend of 18 cents per share once the scheme of arrangement, which also requires shareholder approval, is implemented.
The transaction is backed by the LifeHealthcare board.
