Ramsay Health Care flags spin-off of Ramsay Santé via in-specie distribution
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The news: Private hospital operator Ramsay Health Care has proposed distributing shares in its majority-owned European subsidiary Ramsay Santé to shareholders following a strategic review with advisers Goldman Sachs.
The context: The plan would see Ramsay shareholders receive shares in Ramsay Santé proportional to their Ramsay shareholding by way of an in-specie distribution.
The distribution is expected to be implemented through a scheme of arrangement and would be subject to Ramsay board, shareholder and regulatory approvals.
Ramsay Santé, which is 52.79% owned by Ramsay, is listed on Euronext Paris and has its own board, management team and governance framework. As it is not listed on the ASX, Ramsay said it would support shareholders to hold their interest in Ramsay Santé through CHESS Depositary Interests (CDIs), which would be tradeable on the ASX with equivalent economic exposure as ordinary Ramsay Santé shares.
Ramsay said it is engaging with Ramsay Santé over the “potential implications of it ceasing to be Ramsay Santé’s majority owner”.
The group said the separation would simplify its structure and help it pursue a more “focused and tailored” strategy.
Ramsay is expecting to complete the in-specie distribution of Ramsay Santé shares in the fourth quarter of calendar 2026, if required approvals are obtained.
The source: ASX
