Primary Health Care has offloaded its GP practice management software business for $155 million to Affinity Equity Partners in the similar month that China's Jangho Group has seized an 11% stake in the near $2 billion industry, sparking takeover speculation.
Primary Health Care chief executive Peter Gregg claimed that the company would sustain to be a customer of Medical Director, which Primary founder Ed Bateman achieved more than a decade ago for over $100 million.
"Primary will sustain its partnership with Medical Director as a long‐term customer utilizing its existing products and services. Significantly, Primary has also secured in principle agreement with Medical Director for the development of, and approach to, next generation clinical and practice management software solutions," Mr Gregg claimed in a statement to the exchange.
He added that the sale, in conjunction with the Barangaroo sale, should decrease net debt to about $900 million.
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