Wakefield says agrees to buy Bowen Hospital for $5 million

The agreement to buy Bowen is now subject only to receiving Commerce Commission clearance and Wakefield said it anticipated an application would be filed in 2-3 weeks.

Wakefield Hospital is funding the purchase with a combination of vendor financing and a bank loan. Final details of the purchase agreement were being negotiated and settlement would take place soon after Commerce Commission clearance.

In August, the Securities Commission said Wakefield Hospital had misled investors by not outlining the risks surrounding its cardio-thoracic surgery contract in its offer document. Soon after it floated, Wakefield lost the cardio-thoracic contract with Capital Coast Healthcare.

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