Highlights

  • Medibank to acquire Better Medical’s 61 GP and medical clinics across four Australian states.
  • Transaction valued at approximately AUD 159 million, funded through existing capital.
  • Deal complements Medibank’s Myhealth Medical Group and supports long-term growth targets.

Medibank Private Limited (ASX:MPL) has entered into an agreement to acquire Better Medical, a network of 61 general practice and medical clinics across Victoria, Queensland, South Australia, and Tasmania. The transaction, valued at approximately AUD 159 million, will be completed with private equity firm Livingbridge and other minority shareholders, subject to closing adjustments.

Better Medical, established in 2015, operates with around 800 doctors, nurses, and allied health practitioners providing patient care across its network. The acquisition aims to expand Medibank’s role in Australia’s primary care sector and strengthen its existing healthcare delivery platform under Amplar Health.

Strategic Rationale

The acquisition builds on Medibank’s strategy to increase its presence in the healthcare services sector by investing in preventive and community-based care. Better Medical’s extensive clinic network will enhance Medibank’s ability to improve patient access and choice within its healthcare ecosystem.

Medibank plans to invest further in the digital capabilities of Better Medical to enhance clinical efficiency, improve patient experience, and strengthen care coordination. The acquisition aligns with the company’s ongoing efforts to address barriers faced by general practitioners and to facilitate more comprehensive care delivery models.

Financial and Transaction Details

The transaction will be funded entirely through Medibank’s existing unallocated capital and remains subject to ACCC approval and customary completion conditions, including no material adverse changes. Completion is expected by the end of the third quarter of FY26.

Better Medical is projected to deliver approximately AUD 6 million in EBITDA for the six months ending 30 June 2026. This investment also supports Medibank’s goal of achieving at least AUD 200 million in Medibank Health segment profit and increasing capital employed to around AUD 700 million by FY30.

Integration and Future Outlook

This acquisition complements Medibank’s majority interest in Myhealth Medical Group, which operates 105 primary care clinics across eastern Australia. Together, these networks will expand Medibank’s reach within the healthcare services sector, providing a larger national footprint in community health delivery.

Including this transaction, Medibank’s total investment in mergers and acquisitions between FY24 and FY26 stands at approximately AUD 218 million, nearing the top end of its AUD 150 million–AUD 250 million target range.

Share performance of MPL

MPL’s shares traded at AUD 4.915 per share on 05 November 2025, up by 1.54% from its previous close of AUD 4.840.