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Bupa to become Australia’s leading private health fund14 April 2008The Federal Court of Australia today approved MBF’s change of status, clearing the way for the merger with Bupa Australia to go ahead. In December last year, the MBF Board announced its support for Bupa’s A$2.41 billion proposal to combine the two businesses and create Australia’s leading private health fund. Since then, approval has been sought and granted by the MBF Council, the Australian Competition and Consumer Commission, MBF policyholders and the Australian Federal Court, who approved MBF’s change of status today. This means that MBF can now demutualise in order for the merger to proceed. Bupa chief executive Val Gooding said: “This is the largest acquisition and one of the biggest days in Bupa’s history. We will be the leading private health fund in Australia with over three million members. “Bringing MBF and Bupa Australia together is a unique opportunity to deliver significant benefits for existing and new customers of both health funds as well as the wider Australian health sector. “The merged group will have access to a wealth of health expertise, allowing it to take a leadership role and, importantly, help keep private health insurance more affordable for Australians.” The £1 billion merger between Bupa Australia and MBF represents both a significant geographic shift for Bupa and the largest acquisition ever undertaken by the leading health and care company. As a result of the deal, for the first time, over half of Bupa’s revenues will be generated outside of the UK. In addition to the merger of Bupa Australia with MBF, Bupa has recently announced a number of major overseas acquisitions. Late last year the company purchased DCA Agedcare Group in Australia and New Zealand, adding 96 homes and almost 7,000 beds to its portfolio of care homes, making it a leading player in these markets. It also added the Euroresidencias group of 13 existing care homes and three new builds to its Spanish business. In January this year, Bupa also completed the acquisition of US based Health Dialog, in which it was the founder shareholder in 1997. Health Dialog is a leading provider of chronic condition management and 'shared decision making' services, which involves supporting patients in choosing between different treatments. In Australia, Bupa trades as HBA and Mutual Community. Bupa first entered the Australian market in 2002 with the purchase of the businesses from AXA Asia Pacific. Currently, Bupa Australia covers more than a million Australians. With MBF the combined health funds will create a health insurer with a national footprint providing coverage for close to three million customers. Forty four per cent of Australians have private health insurance. Back to the latest press releases
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