Good evening,

Private equity firm Livingbridge has come to play and it means business.

It is understood to have agreed to a deal to acquire a majority stake in Everlight at the weekend, buying it off Intermedia Capital Group for a price that’s believed to value Everlight at more than $500 million.

Everlight offers diagnostic services to hospitals and other health providers and was founded in Australia in 2006, before expanding offshore.

The deal is expected to be Livingbridge’s largest in Australia in terms of both value and scope.

The London-headquartered PE firm only set up shop in Australia in 2016, when it opened an office in Melbourne.

Elsewhere, Westpac is ready to sign a deal to sell its life insurance business to Japan’s Dai-ichi Life Insurance Company this week; Telstra has scooped up patient management software company MedicalDirector; Afterpay’s investment vehicle AP Ventures is poised to start capital raising; and RoZetta has sold its stake in Ordermentum as part of its decision to pull out of venture capital.

Happy reading,
Anthony Macdonald and Yolanda Redrup
Street Talk Editors