Gilbert + Tobin today announced that it is advising Primary Health Care (Primary) on the sale of its health technology division, Medical Director for $155 million to private equity fund, Affinity Equity Partners.
With a market capitalisation of approximately $2 billion, Primary is one of Australia’s leading healthcare companies. Primary announced the sale of Medical Director on 29 March.
Gilbert + Tobin advised Primary on the sale, which came following a competitive sale process, and also assisted with the design and negotiation of long-term arrangements between Primary and Medical Director which will give Primary’s retained medical centre, pathology and imaging businesses ongoing access to the next generation clinical and practice management software solutions.
The team was led by Corporate Advisory partner, Adam D’Andreti, and Technology partner Bernadette Jew, and the team included lawyers Christopher Allen, Kathryn O-Brien, Madeleine Brett-Williams, Andrew Hii, Bec Iglesias, Althea Carbon and Anna Smyth.
Adam D’Andreti says he is delighted with the outcome to date, which helps Primary fulfil its strategic ambitions.
“Gilbert + Tobin was able to leverage its strengths in the M&A and technology fields to help Primary achieve a successful sale and contribute to the company’s longer-term strategic goals – creating balance sheet flexibility, while at the same time securing Primary’s access to cutting edge clinical and practice management software solutions. The commercial arrangements incorporate incentives for ongoing innovation. The seamless collaboration of our M&A and technology teams on this transaction was a factor which brought this successful transaction about,” he states.
The sale, which remains subject to satisfaction of certain customary conditions and certain potential adjustments, is expected to complete prior to the end of FY 2016.
Gilbert + Tobin’s market-leading M+A team acted on 4 of the top 5 deals announced in 2015 and is ranked in Band 1 in Chambers Asia Pacific 2016 and Legal 500 Asia Pacific 2015. The firm’s Technology, Media and Telecommunications group has been ranked in the top tier of The Legal 500 Asia Pacific and Chambers Asia Pacific for more than a decade.