China's Luye Medical to acquire Australian hospital operator

China's Luye Medical Group has announced its intent to acquire Healthe Care Australia, the third largest corporate private hospital operator in the country, for 688 million U.S. dollars.

Healthe Care is currently owned by Archer Capital Fund 4. The deal is expected to complete in the first quarter next year, the hospital operator said in a press release.

"There are very few private hospital portfolio acquisition opportunities anywhere in the world," said Liu Dianbo, chair of Luye Group, Luye Medical's parent firm. "We can build a world class and highly successful healthcare service business not only in Australia and China, but also across Asia."

Luye Medical said it will use Healthe Care's expertise and experience to build high-end private hospitals in China.

The company has plans to open a medical service chain across China's top to third tier cities in the next 20 years, according to Guo Wenfei, president of Luye Medical.

Healthe Care currently operates 17 hospitals in Australia, with more than 1,800 beds, 50 operating theaters and 4,500 employees. Endi