Infratil to partner with Auckland Radiology Group

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



Infratil to partner with Auckland Radiology Group

Infratil Limited (“Infratil”) and Pacific Radiology Group (“Pacific Radiology”) have executed a conditional
agreement to partner with Auckland Radiology Group (“Auckland Radiology”), creating a national
diagnostic imaging business.

Auckland Radiology is the largest private radiology provider in Auckland, operating 15 strategically
located clinics in the greater Auckland area, and employing 32 radiologists.

Infratil will own at least 50.1% of the combined platform, contributing between $30m-$60m for this
acquisition, with the balance held by Pacific Radiology and Auckland Radiology doctors and
management. The Auckland Radiology doctors will roll approximately a third of their sales proceeds
into the equity of the combined entity, similar to the process followed by the doctors in the Pacific
Radiology transaction earlier this year.

Completion of the Auckland Radiology acquisition is conditional on counterparty consents to change of
control in relation to clinic leases and a small number of material contracts. Assuming those consents
are given, completion is expected by 31 October 2021.

As the majority investor, Infratil will have governance rights consistent with its shareholding and,
together with the Auckland Radiology and Pacific Radiology doctors, will be able to drive the continued
development and growth of the combined business.

Infratil CEO Jason Boyes said, “Inorganic growth was a key pillar of the investment thesis for Infratil’s
acquisition of Pacific Radiology, and we are pleased to see that thesis demonstrated early on in our
ownership journey with the addition of an outstanding practice like Auckland Radiology. Pre-synergies,
the acquisition is return accretive to the Pacific Radiology investment case.

Alongside Infratil’s investments in Pacific Radiology and Qscan Group, a leading diagnostic imaging
business in Australia, we are continuing to build a meaningful Australasian healthcare platform.”

“The purchase also confirms our continuing confidence in the New Zealand market and the thematics
which are driving our capital allocation in communications and digital infrastructure, decarbonisation,
and aging populations”.

Chairperson of Pacific Radiology Group, Peter Coman, said: "Auckland Radiology is a strong cultural
and clinical fit with Pacific Radiology, and we are excited by the opportunity to partner with them to
continue delivering high-quality services to patients, referrers and funders in the Auckland region.

Chairperson of Auckland Radiology Group, Dr Kate O’Connor said: “Auckland Radiology Group regards
Infratil as a financial partner of the highest standard, and Pacific Radiology as a clinical partner of the
highest standard. We expect the partnership between our three organisations will, over time, translate
into enhanced offerings to patients and referrers across New Zealand, including access to a larger pool
of sub-specialty radiologists, potential for improved after-hours services, and the introduction of new
services”.


Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited Mark.Flesher@hrlmorrison.com