October 25 2021
Japara acquisition approved
Calvary is delighted to announce it has cleared the final stage in its 100% acquisition of aged care provider Japara Healthcare Limited following a ruling today by the Court in favour of the Scheme of Arrangement.
Calvary is delighted to announce it has cleared the final stage in its 100% acquisition of aged care provider Japara Healthcare Limited following a ruling today by the Court in favour of the Scheme of Arrangement.
Last week Japara shareholders voted in favour of the Scheme. The deal sees Calvary acquire 100% of the Japara shares, at $1.40 a share, establishing an equity value of approximately $380 million.
Martin Bowles, Calvary National CEO said: “We are delighted to bring our vision to reality, and we will be working closely with the Japara team to transition their care homes into Calvary’s expanded care offering.
“Calvary is in an exciting phase of growth, and the acquisition enables us to influence the future delivery of health, aged and community care services across Australia.
“Serving a larger community has long been an objective for our expansion across Calvary’s 136-year history in Australia. The acquisition of Japara, and the value it brings, is an important part of this as it enables us to grow our quality aged care portfolio with the addition of 50 aged care homes and 5 retirement villages.
“This will enable us to further invest in best practice, innovation and continuous improvement, and deliver on our vision to provide quality integrated care to our patients, residents and clients across our hospital, residential care and home care services.
“Calvary’s Mission has always been to better serve the people for whom we already care, offer support to more people and be present with people in the times when they are most vulnerable. We look forward to combining the best of both organisations for the ultimate benefit of those in our care.”
With 50 additional aged care homes and 5 retirement villages, Calvary’s footprint will increase to 72 residential care and retirement communities, including a presence in Victoria, Queensland and Tasmania for the first time, in addition to our existing communities in New South Wales, ACT and South Australia.
Calvary will officially become the sole shareholder of Japara on Friday 5 November. Japara will be officially removed from the ASX because of the acquisition.
