A KKR & Co.-led consortium has begun soliciting investors to take over Ramsay Health Care Ltd.’s A$8 billion ($5.8 billion) real estate portfolio, as the group seeks to buy out the Australian hospitals operator, according to people familiar with the matter.
The private equity firm and its partners have sent out terms for a sale-and-leaseback deal of Ramsay’s 72 real estate sites, said the people, who asked not to be identified discussing confidential matters. KKR has reached out to pension funds and some other institutional investors, the people said.
KKR has been in talks with Ramsay, which operates a network of private hospitals across Australia and Europe, since April to come up with a binding agreement following the indicative A$88 per share offer for the company. Should the consortium seal a sale-and-leaseback deal, it could help lighten the financing obligations for its offer for Ramsay, which has a market value of about $13 billion.
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