(Reuters) -Ramsay Health Care, Australia’s largest private hospital operator, said on Wednesday it received a A$20.05 billion ($14.80 billion) takeover offer from a consortium led by private equity giant KKR & Co (NYSE:).

Ramsay’s Tuesday close price of A$64.39 is almost 37% more than this non-binding proposal at A$88 an share.

Ramsay indicated that it would offer the KKR consortium due diligence on a voluntary basis. Talks were still in their preliminary stages.

According to the hospital operator, it had reviewed the proposal with its advisors and requested additional information from the consortium regarding its structure and funding.

According to Ramsay’s website, Ramsay has more than 530 locations across the globe, including 10 hospitals and clinics in each of three continents.

The purchase would make the Australian hospital operator the largest in Australia if it is successful. It will also boost deal activity which suffered an 41.2% decrease in first quarter value to $17.4billion compared to a year ago, according Refinitiv data.

The largest private equity-backed transaction in Australia is A$31.6 Billion Enterprise Value Deal in 2021 to Sydney Airport.

Ramsay and Sime Darby Holdings in Malaysia received an offer to buy out IHH Healthcare Bhd of $1.35 Billion for their Asia joint venture. Ramsay indicated that the company is continuing to work on this deal.

UBS AG’s Australia Branch has been hired by the hospital operator, Herbert Smith Freehills was appointed as legal and financial advisers for the proposal of the KKR-led consortium.

($1 = 1.3546 Australian dollars)