Luye Medical to buy Healthe Care for $688 million

Shandong-based company to use acquisition for expansion in Australian hospital sector

Luye Medical Group Co, the privately owned Chinese heathcare firm, has agreed to buy Healthe Care Australia Pty Ltd, one of that country's largest private hospital operators, marking the Chinese firm's first foray into the overseas hospital sector.

Healthe Care is being bought from private-equity owner Archer Capital for a reported A$938 million ($688 million), according to local media, although the final price was not disclosed. Archer had bought Healthcare from CHAMP Private Equity in 2011 for A$230 million.