Affinity Health ponders ASX listing

An IPO is the only option for the exiting private equity owners.

Affinity Health, Australia's largest private hospital operator, has hired Citigroup and UBS to review its capital restructuring options, heralding a possible listing on the ASX. The move comes just 18 months after private equity investors bought the group of 53 hospitals from Mayne.

If Affinity Health lists it would be one of the quickest turnarounds in Australia's private equity history. It's not often that an asset this big can be turned around in such short order, says a deal insider. Most investors would sit on an asset for between three and four years before considering an exit.

With revenues of A$668 million and cash of A$103...

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