Australia: Closed ACCC investigation in Westpac's Proposed Acquisition of HealthPoint

On 29 February 2024, the Australian Competition and Consumer Commission (ACCC) closed the investigation into Westpac's proposed acquisition of HealthPoint, which provides a payment application. The ACCC approved the proposed acquisition of HealthPoint by Westpac Investment Vehicle Pty Ltd (Westpac), a wholly-owned subsidiary of Westpac Banking Corporation. The ACCC's investigation focused on the impact on the ability of banking or channel providers to provide healthcare claiming Point of Sale (POS). The ACCC concluded that the acquisition is unlikely to have a substantial negative impact on competition. As the owner of HealthPoint, Westpac is expected to work with existing banking and channel partners to maintain and grow health services provider volumes to compete with HICAPS, the only alternative to HealthPoint and the largest supplier of private health insurance POS claiming services.