The New Zealand Superannuation Fund and the Ontario Teachers’ Pension Plan Board have acquired Asia Pacific Healthcare Group (APHG), the largest chain of pathology clinics in New Zealand, from Brookfield Business Partners for NZ$550m (€333m).

The two pension funds will each have a 50% stake in APHG, which is part of the Australasian health care group, Healthscope, which was, itself, acquired by Brookfield for A$4.4bn in 2019.

APHG provides pathology services to 75% of New Zealand’s population, with more than 2,000 staff operating across its network of 25 laboratories and 150 collection centres.

The group has been heavily involved in providing testing as part of New Zealand’s response to COVID-19.

NZ Super Fund chief investment officer, Stephen Gilmore, said: “We’re pleased to return this asset to part local ownership, and continue our strong investment into New Zealand.

“The super fund has been looking at opportunities to invest into the healthcare sector, where we can bring together our investment expertise and external partnerships to drive innovation and add long-term value to the business.”

Ben Chan, Ontario Teachers’ regional managing director, Asia-Pacific, said the pension plan had an extensive track record of investing in leading healthcare businesses, including those in the pathology sector.

Healthscope CEO, Steven Rubic, said the transaction was consistent with the company’s long-term strategic refocus on Healthscope’s Australian hospital operations.

“We commenced a targetted sales process for the business at the beginning of the year,” he said. “This drew interest from a number of interested parties attracted to APHG’s strength and resilience.”

Media reports said that Singapore’s Keppel Infrastructure, was one of the two final suitors for the business.

To read the digital edition of the latest IPE Real Assets magazine click here.