Suitors interested in buying the $700 million diagnostic imaging unit of Healius Limited (ASX:HLS) lodged their first round bids on July 12, 2024. Sources believe Macquarie Group's Macquarie Asset Management Inc. - normally an adviser - put in an offer for Lumus Imaging, either as a joint bidder or a suitor in its own right. MAM's interest would rival that of infrastructure investor IFM, which is bidding for Lumus with Morgan Stanley as its adviser.

It's clear that the business has strong appeal for investors seeking defensive assets with secure earnings, akin to infrastructure. As earlier reported, other groups that have taken a look include TPG Capital, Bain Capital and Partners Group. Pacific Equity Partners was interested, although the level of conviction was unclear.

Adamantem Capital and Quadrant Private Equity were also mentioned as being interested early on. Sonic Healthcare, Medibank Private and Ramsay Health Care are expected to be in the bidding line-up. Meanwhile, sources believe that once Lumus Imaging is sold, suitors like EQT may be eager to make a play for the remaining pathology operation.

UBS is working on the sale.