Australia’s largest private hospital operator Ramsay Health Care Limited
(ASX:RHC) is in exclusive talks to purchase a majority interest in France's biggest private hospital operator.
Ramsay’s French joint venture with an insurance company, Crédit Agricole Assurances, Ramsay Santé, has proposed to buy an 83.43 per cent stake in Générale de Santé.
The proposed offer price of €16.75 per share values Générale de Santé at about $1.4 billion and would expand Ramsay’s exposure in France.
Ramsay’s joint venture has been graded an exclusivity until June 6 to undertake due diligence and consider submitting a binding offer.
The announcement comes after the company’s Founder and Chairman Paul Ramsay passed away earlier this month and left his 36 per cent interest to his personal foundation and charities.
Ramsay Health Care reported a net profit of $157 million in the first half of the 2014 financial year.
