Infratil (ASX:IFT) confirms acquisition of Qscan

Summary

  • Infratil Ltd (ASX:IFT) has received approval from the Foreign Investment Review Board of Australia to acquire Qscan Group Holdings Pty Ltd.
  • Qscan Group will be acquired for a total cash equity consideration of up to A$330 million.
  • On 26 October 2020, Infratil had executed a conditional binding offer so as to make acquisition of up to 60 per cent of Qscan from Quadrant Private Equity (QPE).

Infratil Ltd (ASX:IFT, NZX:IFT) on Friday confirmed that it has received approval from the Foreign Investment Review Board of Australia to acquire Qscan Group Holdings Pty Ltd (Qscan). The infrastructure investment company acquired the Qscan Group for total cash equity consideration of up to A$330 million.

Image Source: Megapixel

On 26 October 2020, Infratil had executed a conditional binding offer so as to make acquisition of up to 60 per cent of diagnostic imaging company Qscan from Quadrant Private Equity (QPE) and existing doctor and management shareholders. The binding offer was put up along with the conditional offer by Morrison & Co Growth Infrastructure Fund (MGIF), which proposed to conditionally make acquisition of up to nearly 15 per cent of Qscan. 

READ MORE: ASX-Listed Infratil (IFT) set to buy majority stake in Australian diagnostic imaging business Qscan

Infratil has today confirmed that nod from the Foreign Investment Review Board of Australia satisfies the only remaining condition. The company also said in its latest update that the transaction is likely to happen on 22 December 2020. Infratil also said that it expects its stake in ownership in Qscan will be nearly 56 per cent.

Meanwhile, the infrastructure investor recently rejected a A$5.1 billion takeover offer made by AustralianSuper citing it as being too low. The company said that the offer undervalued its  high-quality and unique portfolio of assets.

READ MORE: IFT Announces Equity Raising of NZ$300 million

Shares of Infratil are trading at A$6.58 at 10:58 AM AEDT on 18 December 2020, with a market capitalization of A$4.76 Billion. 

On NZX, Infratil shares are trading at NZ$ 7.080 at 5:32:06 AM NZDT on 18 December 2020, up 0.43% from the previous closing.

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