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Bell Gully advised NZX/ASX listed company Orion Health Group Limited (Orion Health) on its agreement in relation to Orion Health's Rhapsody and Population Health businesses with private equity technology investor Hg. Hg is a specialist technology private equity investor with funds of c.£10 billion under management.
Under the transaction, entities managed by Hg will acquire majority ownership of Orion Health's Rhapsody business and will invest in Orion Health's Population Health business. Following completion, Orion Health proposes to undertake a share buyback offer with a portion of the sale proceeds.
The Bell Gully team advising on the transaction was led by partner Haydn Wong and included Toby Sharpe, Laura Littlewood and Chris Hodges.
The transaction is subject to certain pre-closing conditions, including the approval of Orion Health's shareholders and Hg obtaining approval under the New Zealand Overseas Investment Act. A shareholders' meeting to consider the Hg Transaction and the share buyback is expected to be called by late September.