Herbert Smith Freehills advises Healius Limited on the sale of Lumus Imaging to Affinity Equity Partners

Herbert Smith Freehills (HSF) is delighted to have assisted Healius Limited (Healius) on the sale of Lumus Imaging to funds managed by Affinity Equity Partners for an enterprise value of A$965 million on a cash, debt and equipment-lease free basis. Subject to satisfaction of all conditions precedent, completion is expected to occur in 1Q CY2025.

The transaction was led by corporate M&A partners Bradley Russell, Natalie Bryce and Nicole Pedler. The core team included Caitlin Walker, Daniel Johnson, Raymond Sun, Daniel Oey, Saskia Gude and Kate Bartkowski.

HSF Partner Nicole Pedler said, “We are proud to have worked closely with Healius on this important healthcare business carveout. The transaction reflects our M&A team’s strength in supporting our clients to achieve their strategic goals”.

HSF Partner Brad Russell said, “We are delighted to have supported Healius over the last 4 years as it has reshaped its core business through the divestments of its medical centres and dental centres business in 2020, its IVF business (Adora Fertility) in 2022, its day hospitals business (Montserrat) in 2023, and now Lumus Imaging. We are fortunate to enjoy a very collaborative working relationship with the Healius legal and M&A teams led by John Natal and Paula Stokes respectively”.

HSF Partner and Sector Lead for Healthcare Natalie Bryce said, “Diagnostic imaging is experiencing strong deal flow, with the return of indexation and the pending deregulation of MRI funding, combined with tailwinds from increasing demand and service complexity. HSF has market leading experience in this critical sector and we were delighted to help deliver this result for Healius”.

This transaction is another example of HSF’s market-leading work in Australian healthcare M&A.