Healius Sells Lumus Imaging Unit to Affinity for $657 Million to Focus on Pathology Business

Healius Ltd. has agreed to sell its Lumus imaging division to Affinity Equity Partners for A$965 million ($657 million) as part of its strategy to concentrate on its pathology operations. The transaction, representing a multiple of 25.4 times full-year earnings before interest and taxes, is expected to yield over A$800 million in net proceeds after transaction costs.

Healius, which also owns Agilex Biolabs, Dorevitch Pathology, and IQ Pathology, has faced net losses for the past two years. The sale, set to close by March 2025, will relieve financial pressures and allow the company to enhance its pathology services while potentially returning cash to shareholders, according to Managing Director Paul Anderson.

The announcement was made before trading commenced on the Australian stock exchange, where Healius shares have seen a 1.5% decline this year. The deal is pending approval from Australia’s Foreign Investment Review Board, with UBS Securities Australia serving as financial adviser and Herbert Smith Freehills providing legal counsel.