British health fund BUPA is expected to buy aged care assets in Australia and New Zealand from private equity firm CVC Asia Pacific.
As part of the deal believed to be worth about $1.2 billion (£520 million), BUPA will buy Amity, Australia's largest collection of health care assets, and New Zealand's Guardian Healthcare.
The two care assets are both owned by CVC who acquired them as part of its purchase of the DCA Group last year.
Home-based care service
The group was believed to be competing against Macquarie Bank Ltd and the Australian wealth manager AMP Capital Investors for the 85 care homes and a diagnostic imaging group.
The facilities cater to more than 5,000 elderly residents and a further 10,000 through a home-based care service.
BUPA has more than a million private medical insurance customers in the country after an acquisition in 2002.
The purchase of the two groups is expected to be announced late next week.
September 28 2007
Related Links
BUPA
DCA Group
Amity
Guardian Healthcare
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