Ramsay Health Care proposes spin-off of French subsidiary

Ramsay Health Care (ASX:RHC) announced a proposal to separate from its European subsidiary, Ramsay Santé.

The decision follows a comprehensive strategic review conducted alongside financial advisers Goldman Sachs, aimed at optimising the group’s 52.79% shareholding in the Paris-listed health provider.

The proposed separation will be executed via an in-specie distribution, meaning Ramsay Health Care shareholders will receive shares in Ramsay Santé proportional to their existing holdings.

To navigate the complexities of Ramsay Santé being listed on the Euronext Paris rather than the ASX, the group plans to facilitate the use of CHESS Depositary Interests.

The mechanism allows Australian investors to trade their interest in the French entity directly on the ASX, maintaining equivalent economic exposure to ordinary shares.

The board maintains that Ramsay Santé is already a mature, standalone entity with its own management team and capital structure.

The transition remains subject to regulatory approvals, shareholder consent, and consultations with Ramsay Santé’s employee representative bodies.

If successful, the group expects to complete the distribution by the fourth quarter of 2026.