Australian Unity agrees to buy myHomecare

1. Australian Unity has agreed to purchase the myHomecare Group from Enrich Health Group Pty Ltd to expand its Home Health portfolio.

2. The acquisition aims to support Australian Unity’s strategic ambitions to grow its services in home care and home support, serving an expanded customer base of over 50,000.

3. MyHomecare Group is a national provider with ~20,000 customers, offering both fully managed and self-managed Home Care Package (HCP) funding, and services to Commonwealth Home Support Programme customers.

4. The acquisition will increase Australian Unity’s workforce by over 1,000 healthcare workers, allowing expansion into new regions and enhancing service offerings in existing areas.

5. Australian Unity will pay $285 million for myHomecare Group, with an initial $215 million upon completion and the balance over an 18-month period, subject to adjustments.

6. The funding for the acquisition will come from Australian Unity’s bank facilities and existing funds, including proceeds from recent corporate bond issues.

7. Completion of the acquisition is contingent upon clearance from the ACCC and other conditions.

8. The acquisition is seen as a significant step in addressing community needs arising from demographic changes and is expected to increase Australian Unity’s capacity to deliver diversified revenues and community value.

This announcement is a summary of the company approved ASX announcement on 20/2/2024 and is based on facts from the announcement.