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Demerger spells start of IPO for health software company

Demerger spells start of IPO for health software company

The demerger of Lincor Ltd from Hills Ltd is nearing, as the health software business prepares to list on the ASX.

Firms: King & Wood Mallesons (Hills Ltd); DLA Piper (Lincor Inc)

Deal: Lincor Ltd is demerging from Hills Ltd, as the merger of the Hills Health Solutions business and Lincor Inc proceeds.

Value: Undisclosed

Area: M&A

Key players: The King & Wood Mallesons (KWM) team advising Hills Ltd was led by partners Lee Horan (pictured) and David Friedlander. Senior associate Anthony Boogert assisted on the deal.

Deal significance:

Hills Health Solutions has merged with Lincor Inc to form a newly incorporated company, soon to list on the ASX.

The new company, Lincor Ltd, will be a provider of patient engagement technology solutions with a growing software as a service (SaaS) platform. The company will develop and deliver products to help improve clinical outcomes and patient experience in hospitals. Some of its offering will include medical record management, as well as education and entertainment services for patients.

Under the new arrangement, the shareholders of Hills and Lincor Solutions will own approximately half of the Lincor Ltd shares.

According to a statement released by KWM, the arrangement will be in place prior to the IPO capital raising to “provide financial flexibility, repay debt, pay transaction costs and accelerate global growth”.

KWM advised Hills on the pending demerger and proposed merger. Lead partner Lee Horan said he was pleased to have been able to support the company on the deal.

“Hills Health Solutions and Lincor have a strong existing commercial relationship and we are delighted to have been able to assist in the proposed merger of these two entities for the benefit of Hills’ shareholders,” Mr Horan said.

KWM partner Lee Horan

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