Listed medical services and pharmacy company Green Cross has confirmed Australian media speculation it's looking at possibly bidding for Auckland-based independent healthcare group Tamaki Health.
Green Cross Health has nearly 360 Unichem and Life Pharmacies, The Doctors medical centres, as well as specialist community nursing and health services. Photo: 123RF
In a brief statement the NZX Greencross said it had teamed up with Australian private equity firm Pacific Equity Partners (PEP) on a joint offer.
"The process is in its early stages," Green Cross Health said.
"The nature and terms of any transaction for the acquisition of Tamaki Health have yet to be determined. There is no certainty that Green Cross Health will be the successful party or that any transaction will be concluded."
Tamaki Health is the country's largest healthcare group with 45 clinics around the country with about 1000 staff, including 300 doctors, handling 230,000 enrolled patients.
The practices operate under the White Cross and Local Doctors networks, with urgent care clinics and general practices, as well as the Bettr online medical service.
The Australian Financial Review said the business had a price tag of at least $400m, and non-binding bids are due by the end of the week.
Green Cross Health has nearly 360 Unichem and Life Pharmacies, The Doctors medical centres, as well as specialist community nursing and health services.
It has previously signalled that it is on the lookout for suitable businesses to expand growth.