News: Virtus announces $16M acquisition in Tasmania

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Australia’s biggest IVF provider Virtus Health Limited (ASX:VRT) has acquired a majority stake of Tasmania’s only IVF provider, TasIVF.

Virtus will buy a 70 per cent stake in Hobart-based TasIVF for $16 million. 

The transaction will see three new fertility specialists join Virtus, taking the number of specialists working with Virtus in Australia to 91. 

Virtus also has an option to buy the remaining shares in TasIVF in two equal tranches in 2017 and 2019.  

CEO Sue Channon says the relationship with TasIVF has been built over many years. 

Shares in Virtus Health rose 1.81 per cent to close at $7.31 following the announcement. 

Virtus Health reported a net profit of $30.95 million in the 2014 financial year.