British Health fund giant BUPA has paid $1.2 billion to private equity firm CVC Asia Pacific to acquire the DCA Agedcare Group.
As part of the deal, BUPA will obtain a controlling interest in Australian aged care provider, Amity, and New Zealand-based Guardian Healthcare, which together own 96 aged care facilities in the region.
The purchase cements BUPA’s position as one of the world’s biggest aged care providers. The company already operates 300 facilities in Britain and 43 nursing homes in Spain.
It is also Australia’s third-largest private health insurer and is currently in talks to buy MBF Insurance – the nation’s second-largest private health insurer which is valued at $2.1 billion.
CVC acquired Amity and Guardian as part of its purchase of the DCA Group last year. CVC will retain the group’s diagnostics business.