SINGAPORE (Yosefardi) – SGX-listed G.K. Goh Holdings Ltd acquires 47.62% shares in Domain Principal Group (DPG), a leading Australian provider of residential aged care services for A$136.7 million.
G.K. Goh acquires the shares from two trusts managed by AMP Capital. Completion of the acquisition is subject to approval from Australia’s Foreign Investment Review Board.
Upon completion GKGH and AMP Life will have equal 47.62% shares in DPG. Both have each committed to invest a further A$25 million to finance further investment in Australia’s aged care sector.
Based on pro-forma DPG earnings for the financial year ended June 2013, and excluding extraordinary items, the purchase price values DPR at an EV/EBITDA ratio of 9.1 times and a price-earning ratio of 22.5 times.
DPG has 55 facilities totaling more than 4,500 bed-spaces in the states of New South Wales, Queensland, Victoria, and Western Australia.