Abano Healthcare Group Limited (NZX: ABA) has today confirmed settlement of the sale of its 71% shareholding in in Ascot Radiology to its radiologist shareholders for a total consideration of $17.0 million.
The one-off gain of approximately $2.1 million after costs will be reported in Abano’s FY18 full year results.
This completes the transition of Abano to a single focus dental group. Abano is the second largest private dental provider in Australasia, through its Lumino the Dentists network in New Zealand and Maven Dental Group in Australia.
Proceeds from the sale will be used to fund the continuing rapid growth of Abano’s dental group, particularly in Australia, as Abano looks to build its share of the $11-billion trans-Tasman dental market.