Primary Health Care Limited
(ASX:PRY) has entered into a binding agreement to sell 100 percent of its Medical Director business to funds advised by Affinity Equity Partners for $155 million.
The sale is expected to complete prior to the end of FY 2016.
Primary Health Care said this sale, together with the proceeds from the Barangaroo property, reduces the company’s 31 December 2015 net debt position to approximately $900 million.
Managing Director Peter Greigg said Primary will continue its partnership with Medical Director, as a long-term customer utilising its existing products and services.
Primary Health Care recorded a net profit of $68.57 million at 31 December 2015.
