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Australian private equity firm to acquire LifeHealthcare

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.