So the EV of HLS was about 1.25b, and the net debt was about...

So the EV of HLS was about 1.25b, and the net debt was about $350m - using the last accounts. Macquarie thought they can sell Luminis for $650m ish.

So the news today probably takes away most cap raise risk, and could leave Agilent and Pathology with $300m net cash to sort out their problems.

Agilex is probably something that can be sold at the right time in the business cycle, similar to when the numb nuts bought it, for another $200-300m perhaps. Might be a business that appeals to a multi-national.

Maybe HLS can then merge with ACL? Revenue is at a similar level. Should be a lot of costs to manage out of the business, and there would be a lot of un-necessary duplication of tasks, and other benefits of scale. Otherwise there are lots of other potential suitors in the Pathology business. Surely it is a perfect time to acquire a pathology business in Australia with a temporary shortage of GPs, and an aging and growing population. The gov is still seeing the ability to claw back from the Covid largess provided to these companies, but at some stage they will need to ensure a return on investment to have expanding path services.

All IMO