rt Health Fund acquires Transport Health

On June 14 Primary Health Care Limited announced the sale of Transport Health Pty Ltd (“Transport Health”), to rt Health Fund.

In a statement to the Australian Stock Exchange Primary Health Care Limited stated

Primary Health Care Limited (“Primary”) today announced that it has entered into a binding agreement to sell its private health insurance business, Transport Health Pty Ltd (“Transport Health”), to Railway and Transport Health Fund Limited (“rt health fund”) for $27 million.

Primary’s Managing Director and CEO, Peter Gregg, said: “Following the recent divestments of our Barangaroo property and Medical Director, the sale of Transport Health is further evidence that we are delivering on our capital recycling initiatives and strengthening our balance sheet.

“I would like to thank the employees of Transport Health for their valuable contribution to the Primary Group and wish them well for an exciting future with rt health fund,” Mr Gregg concluded

The sale, which is subject to customary conditions, is expected to complete by the end of June 2016.

On behalf of all member funds hirmaa would like congratulate rt Health Fund on the acquisition of Transport Health, and we are confident that this represents yet another sign of strength of the growing not-for-profit and member owned Private Health industry.