Zenitas Healthcare Limited (ASX:ZNT) has announced it has entered into a binding agreement to acquire 100 per cent of Agewell Physiotherapy.
Agewell is a mobile physiotherapy provider servicing residential aged care facilities, retirement villages and New South Wales and Queensland communities.
Zenitas will pay $4.8 million for Agewell, funded entirely from cash reserves.
The healthcare operator, who currently holds 24 per cent of the market, will look to use the Agewell platform to help deliver its physiotherapy services nationally.
Zenitas Healthcare Limited (ASX:ZNT) closed flat on Friday at $1.19.