Qscan – Satisfaction of initial condition

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com



11 November 2020



Qscan – Satisfaction of initial condition

On 26 October 2020 Infratil Limited (“Infratil”) announced that it had executed a conditional binding
offer to acquire up to 60% of Qscan Group Holdings Pty Ltd (“Qscan”) from Quadrant Private Equity
(“QPE”) and existing doctor and management shareholders, for total cash equity consideration of up
to A$330 million. Infratil’s offer was made in conjunction with the Morrison & Co Growth Infrastructure
Fund (“MGIF”), which conditionally offered to acquire up to ~15% of Qscan.

As set out in that announcement, that offer was conditional on doctor and management shareholders
holding the equivalent of ~25% to 32.5% of the business post-completion as a result of electing to
reinvest some of their proceeds into the new holding vehicle. Infratil confirms that this condition has
now been satisfied, and QPE and the other existing shareholders have accepted Infratil and MGIF’s
offer.

Completion of the transaction remains conditional on obtaining FIRB
1
approval and, subject to
obtaining that approval, the transaction is expected to complete in December 2020 or early 2021.

Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited
mark.flesher@infratil.com
info@infratil.com


1
Foreign Investment Review Board of Australia