Medibank Private (ASX:MPL) reached an agreement to acquire Better Medical for about AU$159 million, subject to regulatory approvals and final adjustments, according to a Wednesday filing with the Australian bourse.

Better Medical is a network of medical clinics in Victoria, Queensland, South Australia, and Tasmania.

The acquisition, fully funded from the company's existing capital, is expected to close by the end of the third quarter of fiscal 2026, per the filing.

The acquisition aligns with the company's strategy to expand its health segment, aiming for AU$200 million in profit and AU$700 million in capital employed by fiscal 2030, the filing added.