Why Infratil (ASX:IFT) shares could be under watch today

Summary

  • Infratil Ltd announced an agreement to acquire stake in Pacific Radiology Ltd.
  • The conditional agreement was executed to acquire between 50.1 per cent and 60 per cent of Pacific Radiology Group.
  • The transaction is expected to be completed by 31 May 2021.

Infratil Ltd (ASX:IFT, NZX:IFT) on Thursday announced an agreement to acquire stake in Pacific Radiology Ltd. The infrastructure investment company said that it had executed a conditional agreement to purchase between 50.1 per cent and 60 per cent of Pacific Radiology Group Ltd.

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Infratil would acquire stake in diagnostic Imaging business in New Zealand from existing Doctor shareholders for up to NZ$350 million.

The transaction is expected to be completed by 31 May 2021. Once the acquisition would be completed, the existing Doctor shareholders and Management would hold between 40% and 49.9% of Pacific Radiology.

Source: ©Robynmac  | Megapixl.com

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What company says

Commenting on the development, Infratil CEO Jason Boyes said that the Pacific Radiology acquisition, if completed, sat well with Infratil’s other high performing, high quality assets, and builds on its investment last year in Qscan Group.

Source: ©Lassedesignen  | Megapixl.com

When the company had outlined the company’s strategic direction in February, healthcare was identified as a sector of considerable opportunity, Boyes added.

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Stock performance

On Wednesday, 29 April 2021, the shares of Infratil closed at A$6.40, down 0.16 points or 2.44 per cent as against the previous closing on Tuesday, 28 April 2021. Infratil competes with Transurban (ASX:TCL), Atlas Arteria (ASX:ALX), CAQ Holdings (ASX:CAQ), Eureka Group (ASX:EGH), among others.

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