• Medibank to acquire Better Medical, a network of 61 GP and medical clinics
• Acquisition supports Medibank's focus on primary care and improving access, choice and control for patients and clinicians
• Better Medical expected to deliver EBITDA of ~$6 million for 6 months ending 30 June 2026

Medibank has announced it has entered into an agreement to acquire Better Medical, a network of 61 GP and medical clinics in Victoria, Queensland, South Australia and Tasmania. Better Medical has operated in the community since 2015, with around 800 doctors, nurses and allied health practitioners delivering care to patients. Medibank will acquire Better Medical from private equity firm Livingbridge (and other minority shareholders) for consideration of approximately $159 million subject to certain closing adjustments. The investment builds on Medibank's support for primary care through its Amplar Health network, with a focus on improving access, choice and control for both patients and clinicians. Amplar Health Chief Executive Robert Read said the investment is part of Medibank's focus on supporting the long-term health and wellbeing of the community, which starts in Australia's primary care system. The acquisition of Better Medical complements Medibank's majority interest in Myhealth Medical Group which has a network of 105 primary care clinics across eastern Australia. The acquisition is subject to ACCC approval and other customary conditions, including no material adverse change occurring, and is expected to be completed by the end of the third quarter of FY26. The transaction will be funded entirely from existing unallocated capital. Better Medical is expected to deliver EBITDA of approximately $6 million for the 6 months ending 30 June 2026. This acquisition aligns with Medibank's strategy to expand in health and supports the aspirations to achieve at least $200 million in Medibank Health segment profit and to grow capital employed to c.$700 million by FY30.

Better Medical is expected to deliver EBITDA of approximately $6 million for the 6 months ending 30 June 2026.

The acquisition aligns with Medibank's strategy to expand in health and supports the aspirations to achieve at least $200 million in Medibank Health segment profit and to grow capital employed to c.$700 million by FY30.