Ramsay Health Care Limited (ASX: RHC) has agreed to acquire the assets and operations of National Capital Private Hospital in Canberra. The transaction was announced on 23 December 2025.
The acquisition price is $251 million. Ramsay will fund the purchase using its existing debt facilities, subject to regulatory approvals.
National Capital Private Hospital is located in Garran, within Canberra’s major health precinct. The site is co-located with Canberra Hospital and the Australian National University Medical School.
Transaction Overview and Key Details
Ramsay is acquiring National Capital Private Hospital from entities within the Healthscope Group. The sale is being completed through appointed receivers and managers.
Key transaction details include:
- Net acquisition price of $251 million
- Funded from existing Ramsay debt facilities
- Eight operating theatres
- 148 inpatient beds
- Intensive care and coronary care units
- Site lease from Canberra Health Services extending to 2064
The hospital serves a higher-acuity patient mix. This supports complex procedures across multiple specialties.
Strategic Rationale and Management Commentary
Ramsay Chief Executive Officer and Managing Director Natalie Davis said the hospital aligns with Ramsay’s strategic priorities. She highlighted its location and clinical profile.
Ramsay CEO and Managing Director Natalie Davis
“National Capital is strategically located in an attractive catchment area,” Davis said. “Its clinical quality, governance, and safety performance have been strong over time.”
She noted the hospital’s experienced leadership and strong doctor partnerships. Ramsay plans to work closely with Canberra Health and existing clinical teams.
The acquisition strengthens Ramsay’s presence in the Australian Capital Territory. It also supports long-term growth in high-acuity healthcare services.
Operational Profile and Expansion Capacity
National Capital Private Hospital operates across key therapeutic areas. These include cardiac care, orthopaedics, and oncology.
The hospital’s co-location with major public health facilities supports collaboration. It also enables access to specialist clinicians and training pathways.
Ramsay expects National Capital to rank within its top 20 hospitals. This assessment is based on revenue and profitability metrics.
Management identified opportunities for growth through additional procedural capacity. Future investment may focus on expanding surgical throughput and service offerings.
Financial Impact and Earnings Outlook
Ramsay expects the acquisition to be earnings per share accretive within the first 12 months of ownership. This is based on current operating performance.
Following completion, pro forma funding group leverage is expected to remain within Ramsay’s target range. The Company has indicated a leverage target of less than 2.5 times.
Funding from existing facilities limits near-term balance sheet pressure. This approach reflects Ramsay’s disciplined capital management framework.
The acquisition adds stable domestic earnings. It also complements Ramsay’s international hospital portfolio.
Market and Healthcare Sector Context
Australian private healthcare demand continues to grow. Ageing demographics remain a key structural driver.
High-acuity hospital services show resilience across economic cycles. Demand for cardiac, oncology, and orthopaedic procedures remains elevated.
Compared with global peers, Australian operators benefit from mixed public-private funding models. These structures support predictable revenue streams.
Canberra represents a stable healthcare market. It benefits from population growth, high incomes, and public sector employment stability.
Investor Outlook and Market Performance
Ramsay Health Care shares traded higher following the announcement. The stock last traded at $35.54, up $1.03, or 2.98 per cent, on the day.
Trading volume reached 79,315 shares. The bid-offer range stood between $35.53 and $35.54.
Ramsay Health Care share Price
Ramsay has a market capitalisation of approximately $7.96 billion. The price movement suggests positive short-term investor sentiment.
Investors are factoring in the earnings accretive nature of the acquisition. The use of existing debt facilities has reduced dilution concerns.
Regulatory Process and Completion Timeline
Completion of the transaction is subject to approval from the Australian Competition and Consumer Commission. Other customary regulatory conditions also apply.
Ramsay expects the transaction to complete during 2026. National Capital will continue operating under existing arrangements until completion.
The announcement was authorised for release by the Ramsay Health Care Disclosure Committee.
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Closing Perspective
The acquisition of National Capital Private Hospital expands Ramsay Health Care’s Australian footprint. It adds a high-quality asset within a major health precinct.
The transaction supports Ramsay’s focus on high-acuity services and earnings growth. It also reflects disciplined capital deployment.
For investors and industry participants, the deal reinforces Ramsay’s strategic positioning within Australia’s private healthcare sector.
FAQs
- What acquisition has Ramsay Health Care announced?
Ramsay Health Care has agreed to purchase the assets and operations of National Capital Private Hospital in Canberra for $251 million.
- Where is National Capital Private Hospital located?
The hospital is located in Garran, Canberra, within a major health precinct alongside Canberra Hospital and the Australian National University Medical School.
- Who is selling National Capital Private Hospital?
The hospital is being sold by entities associated with Healthscope through appointed receivers and managers.
- How will Ramsay Health Care fund the transaction?
Ramsay plans to fund the acquisition using its existing debt facilities, without announcing any new equity raising.
- When is the acquisition expected to be completed?
The transaction is expected to complete during 2026, subject to regulatory and customary approvals.
- Is the acquisition expected to improve earnings?
Ramsay has indicated the acquisition is expected to be earnings per share accretive within the first year of ownership.
- What services does National Capital Private Hospital provide?
The hospital delivers high-acuity services, including cardiac care, oncology, orthopaedics, intensive care, and coronary care.
- Does the hospital operate under a long-term lease?
Yes. The hospital operates under a site lease that extends until 2064.
- Why is this acquisition strategically important for Ramsay?
The acquisition strengthens Ramsay’s Australian hospital portfolio and expands its presence in a key metropolitan healthcare market.
- How has the market responded to the announcement?
Ramsay Health Care shares rose following the announcement, reflecting positive short-term investor sentiment.
