Last month infrastructure investment company Infratil Limited (ASX:IFT) announced that it had executed a conditional binding offer to acquire up to 60 per cent of Qscan Group Holdings Pty Ltd from Quadrant Private Equity and existing doctor and management shareholders, for total cash equity consideration of up to $330 million.
That offer was conditional on doctor and management shareholders holding the equivalent of 25 per cent to 32.5 per cent of the business post-completion as a result of electing to reinvest some of their proceeds into the new holding vehicle.
Infratil confirms that this condition has now been satisfied, and QPE and the other existing shareholders have accepted Infratil and MGIF’s offer.
Completion of the transaction remains conditional on obtaining Foreign Investment Review Board approval and, subject to that approval, the transaction is expected to complete in December 2020 or early 2021.
Shares in Infratil Limited (ASX:IFT) closed 1.4 per cent higher at $5.07 yesterday.