Herbert Smith Freehills and Allens have picked up roles on KKR’s proposed bid to acquire Australian hospital operator Ramsay Health Care Limited, in a proposed $14.9 billion deal.
According to a statement by Ramsay Health Care on Wednesday, the U.S. private equity giant is proposing to acquire 100% of the company, with the indicative proposal anticipating shareholders to receive A$88.00 per share.
It is currently exploring on a “non-exclusive basis” whether KKR can “put forward a binding proposal that is in the best interests of Ramsay’s shareholders”, the statement added.
Ramsay’s operations are split across Australia, Europe, the U.K. and Asia, and it currently employs over 86,000 people globally, according to its website. It is also Australia’s largest private hospital operator, with 72 private hospitals and and day surgery units.
HSF has been appointed as its legal adviser, the statement added. The firm’s team is being led by Sydney corporate partner Nicole Pedler.
Allens—Linklaters’ Australian alliance firm—is advising KKR, with its team led by corporate head and private equity co-head Tom Story and corporate partner and funds sector leader Emin Altiparmak.
This is the latest in a flurry of investments by KKR. In November 2021, the funds giant turned to U.S. firms Simpson Thacher & Bartlett and Paul, Weiss, Rifkind, Wharton & Garrison on its €33 billion bid to buyout Telecom Italia.