Baker & McKenzie has acted for Lake Imaging on the merger of the Australian radiology companies Lake Imaging and South Coast Radiology. The new group, also comprising the recent acquisition of Global Diagnostics, has become the fourth largest business in the country’s $3 billion diagnostic imaging market.

As part of the merger private equity group, Advent Private Capital has taken a meaningful stake in the merged group.

The Baker & McKenzie team was led by Melbourne-based partner Richard Lustig. He was assisted by partner John Mollard and associates Eliza McDonald, Chuong Nguyen and Sarah Roughead. ANZ acted for Lake Imaging on the various transactions as corporate advisor.

The deal is the latest to represent the increasing interest in Australia’s healthcare services from private equity firms. In February 2014, Baker & McKenzie advised Swedish private equity firm, EQT Mid Market, on its acquisition of Australia's largest radiology provider I-MED Network.