The Commerce Commission has received an application from Pacific 2021 Bidco NZ Limited (Pacific 2021) seeking clearance to acquire 100% of the shares in Pulse Health NZ Limited (Pulse) from Healthe Care Australia Pty Ltd (Healthe Care).
Companies related to Pacific 2021 have ownership interests in a number of healthcare operations including Bowen Hospital and Wakefield Hospital in Wellington. Pulse operates the Boulcott Hospital in Wellington.
The application for clearance includes an undertaking from Pacific 2021 to divest the Boulcott Hospital.
A public version of the clearance application is available on the Commission’s case register.
Pacific 2021 is part-owned by investment funds managed by Pacific Equity Partners Pty Ltd (PEP), an Australian private equity fund manager. One of these funds part owns the Evolution Healthcare Group (Evolution), which wholly owns Bowen Hospital and Wakefield Hospital in Wellington and has ownership interests in several other healthcare operations in New Zealand and Australia.
Healthe Care is a subsidiary of Luye Medical Group Co. Ltd and operates 17 surgical hospitals and day surgery centres around Australia (through Healthe Care Surgical Holdings Pty Ltd), as well as the Boulcott Hospital in Wellington (through Pulse).
We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market. In giving clearance, the Commission may accept a written undertaking from the Applicant to dispose of assets or shares.