China's Jangho Group has completed its acquisition of ASX-listed Vision Eye Institute Limited, paying approximately A$200 million for the company in an all-cash transaction. Vision is Australia’s largest provider of ophthalmic care, diagnosis and treatment for people with eye disorders and diseases.
Jangho is headquartered in Beijing and is listed on the Main Board of the Shanghai Stock Exchange, with a market capitalisation of approximately A$3.2 billion. To date, its business has been focused on the manufacture and installation of large-scale glass building facades and interior design solutions. Its acquisition of Vision represents a diversifying, strategic move for Jangho as it seeks to diversify into healthcare in Australia and China.
Our team was led by M&A partners Ben Liu and Alberto Colla and supported by Adrian Varrasso (Tax) and Chris Hu.
"We are delighted to have represented Jangho Group on its first acquisition in Australia in what is a new industry sector for the Group. This acquisition reinforces a trend of foreign investment interest in Australian health-related assets. Foreign investors, especially from Asia, are increasingly partnering with Australia's leading medical and health companies not only to assist in expansion but also as a way to introduce some of Australia's leading medical service concepts, skills and models into their local domestic market," Mr Liu said.