(Corrects headline, paragraph 1 of June 2012 story to show
joint statement said KKR agreed to buy up to 63 pct of
GenesisCare, not that it had taken a 63 pct stake)
SYDNEY, June 27 Buyout firm Kohlberg Kravis
Roberts has agreed to take an up to 63 percent stake in
Australia's GenesisCare for an undisclosed sum, as it looks to
tap into the growing need for healthcare in the ageing country,
the two companies said in a statement on Wednesday.
GenesisCare operates an Australia-wide network of cancer and
cardiovascular care centres, employing over 1,000 people in more
than 70 clinics and facilities.
KKR, which has been looking at several Australian
opportunities in sectors including retail and healthcare, has
invested more than $9 billion in healthcare companies since
1995, it said.
The World Health Organisation says Australia's population is
ageing, with the number of people aged 65 or more projected to
increase to 8.1 million in 2050 from 3 million in 2010.
Health expenditure, currently close to 10 percent of GDP, is
(Reporting by Narayanan Somasundaram; Editing by Joseph