Infratil to partner with Bay Radiology

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




17 December 2021


Infratil to partner with Bay Radiology

Infratil Limited (“Infratil”) today announced the further expansion of its diagnostic imaging business,
which sees Bay Radiology Limited (“Bay Radiology”) join Pacific Radiology Group (“Pacific Radiology”)
and Auckland Radiology Group (“Auckland Radiology”) as part of the broader platform.

Bay Radiology is the largest private radiology provider in the Bay of Plenty region, operating eight
strategically located clinics and employing 16 radiologists. The combined nation-wide platform consists
of 70 clinics and employs 141 radiologists.

Infratil CEO Jason Boyes said specialist healthcare services are a major focus for Infratil, alongside its
expanding investments in renewable energy, communications and digital infrastructure, and retirement
facilities.

“Last year, Infratil took a majority stake in Qscan Group, a large Australian radiology business. This
year has seen our investments into three similar businesses in New Zealand. These acquisitions create
an opportunity to create a meaningful Australasian healthcare platform of scale with a number of
potential synergies.

“The investment outlook for healthcare is very positive, benefitting from the long-term tailwinds of an
ageing demographic and increasing healthcare expenditure.”

On completion of the acquisition, Infratil will own approximately 50.8% of the combined platform,
contributing $32.5m for this acquisition, with the balance held by Bay Radiology doctors, and existing
shareholders. The Bay Radiology doctors have reinvested a significant portion of their sales proceeds
into the equity of the combined entity, similar to the processes followed by the doctors in the Pacific
Radiology and Auckland Radiology transactions earlier this year.

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

Managing Partner of Bay Radiology Dr Logan Fletcher said the agreement is positive for radiology
services in the Bay of Plenty.

“We will go from being a business with 16 radiologists to one with the ability to collaborate closely with
141 radiologists across a range of sub specialities. This will bring real benefits of scale for our patients,
referrers and funders. We have high regard for our colleagues at Pacific Radiology and Auckland
Radiology and look forward to further growth opportunities which will result from this partnership.”


Any enquiries should be directed to:

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