Wakefield expands

Wakefield Health, operator of Wakefield Hospital in Wellington, is expanding into the Bay of Plenty, via a deal with an owner of Grace Hospital in Tauranga.

Wakefield said it had agreed to acquire a controlling shareholding in Norfolk Investments, and would make a full cash takeover offer for Norfolk, valuing it at $22.55 million.

Norfolk holds a 60 per cent interest in Grace Hospital, with the balance of 40 per cent held by Southern Cross Hospitals.

Wakefield has received commitments for more than 51 per cent of the Norfolk shares.

Shares closed steady at $7.04.