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Healthcare company sells tech division
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Exclusive: Founding principals set sail for long-standing Aus firm:

Healthcare company sells tech division

Adam D'Andreti

Primary Health Care has sold its health technology division, Medical Director, to a private equity fund with assistance from two national firms.

Firms: Gilbert + Tobin (Primary Health Care); Minter Ellison (Affinity Equity Partners)

Deal: Primary Health Care sold its health technology division, Medical Director, to private equity fund Affinity Equity Partners for $155 million.

Value: $155 million

Area: M&A

Key players: The Gilbert + Tobin team was led by partners Adam D’Andreti (pictured) and Bernadette Jew, who were assisted by lawyers Christopher Allen, Kathryn O'Brien, Madeleine Brett-Williams, Andrew Hii, Bec Iglesias, Althea Carbon and Anna Smyth.

The Minter Ellison team was led by private equity partner Martin Bennett who was supported by Glen Sauer, Damian Petrovic, Christina Ilinkovski and Nicholas Pascoe.

Deal significance: Primary Health Care (Primary) announced the sale of its health technology division, Medical Director, to private equity fund Affinity Equity Partners for $155 million on 29 March.

The sale, which came following a competitive sale process, is still subject to satisfaction of certain customary conditions and certain potential adjustments. It is expected to be completed prior to the end of FY2016.

Negotiations are being made for 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 of clinical and practice management software solutions.

Gilbert + Tobin lead partner Adam D’Andreti said: “Gilbert + Tobin was able to 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.”

He continued: “The commercial arrangements incorporate incentives for ongoing innovation.”

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