Paul Mirabelle Announces NHC Group Proposal to Buy Bay Audiology from Abano Healthcare Group

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NHC Group CEO Paul Mirabelle has announced that the group has reached agreement with Abano HealthCare Group, subject to Abano shareholder approval, to acquire its New Zealand subsidiary, Bay Audiology.

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We believe the bringing together of the two strongest audiology companies from both sides of the Tasman, along with our existing New Zealand business and new Indian business will provide the combined group with the scale to continue to grow and expand into other Asian markets.

NHC Group CEO Paul Mirabelle has announced that the group has reached agreement with Abano HealthCare Group, subject to Abano shareholder approval, to acquire its New Zealand subsidiary, Bay Audiology.

NHC Group intends to operate Bay Audiology as a stand-alone business unit with the same existing management and operational structure. All of Bay Audiology's staff and clinics will be retained as will the use of the Bay brand.

The National Hearing Care (NZ) business will continue to run as it does now. There will be no change to the trading name or branding.

The planned acquisition makes sound business sense and will provide benefits to clients as well as longer-term strategic value as the two businesses come together.

Paul Mirabelle said, "We believe the bringing together of the two strongest audiology companies from both sides of the Tasman, along with our existing New Zealand business and new Indian business will provide the combined group with the scale to continue to grow and expand into other Asian markets."

Before the transaction can complete it must be approved by the Abano shareholders. The shareholder vote is expected to take place on Thursday 8th October. If approved by shareholders the actual ownership change will not occur until early November.

The acquisition of Bay Audiology is part of NHC Group Pty Ltd's overall growth strategy.

For additional information please contact:

Paul Mirabelle
Chief Executive Officer
NHC Group Pty Limited,
+61 2 9091 8440

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