Good evening,

What comes around, goes around at Opal HealthCare, where investors including Singapore’s GK Goh Holdings and AMP Capital funds have brought in Morgan Stanley to work out whether it’s time to put the aged care operator up for auction.

GK Goh had similar thoughts in 2017 – although the Singaporean family office ultimately decided to hold on to the business. This time, it’s AMP thinking about cashing out.

Sources emphasised the process was at a very early stage, with sponsors only just being “warmed up” and some management presentations underway. Interested parties have been told to think about $200 million earnings for the next financial year, and a sale multiple of around 10 times, the sources said.

While it remains to be seen how much of the business will be on offer, a big enough cheque would no doubt get everyone on board. The company is half owned by GK Goh, with old AMP funds and Resolution Life holding the other 50 per cent of the register.

Read the full story tomorrow and more on the Street Talk page.

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