E-health company PatientSky Group AS has, through its subsidiary PatientSky AS, entered into a share purchase agreement with EG Norge AS, a wholly-owned subsidiary of EG Denmark A/S (jointly, “EG”), to sell all the shares in its subsidiaries PatientSky SaaS Norway AS (“PatientSky SaaS”) and PatientSky App AS (“PatientSky App”) together “PatientSky Norway”) to EG (the “Transaction”), a market leading vendor of vertical software for private and public customers in the Nordic region.
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Transaction highlights
- As consideration for the shares related to PatientSky SaaS Norway, PatientSky Group will receive between NOK 850 million and NOK 900 million in cash (on a debt and cash free basis).
- The Transaction means that PatientSky Group will sell majority of its business and assets, including the PatientSky SaaS EHR software (with related customer contracts) and the PatientSky App.
- PatientSky Group contemplates to use parts of the proceeds from the Transaction to – in due time – to call and repay the loan with a principal amount of NOK 225 million (“PatientSky Group AS FRN senior secured NOK 500,000,000 bonds 2020/2024”).
- After completion of the Transaction and repayment of the bond loan, PatientSky Group estimates that it will have approximately between NOK 650 million to NOK 700 million in cash.
- Completion of the Transaction is subject only to approval from the Norwegian Competition Authority.
- The Transaction is expected to be completed during Q2 2023.
- PatientSky Group will remain listed on Euronext Growth after completion of the sale.
“We are pleased to announce this milestone transaction which will provide excellent companies with a committed new owner, and at the same time demonstrate that PatientSky Group has built businesses with great value for society and for the company’s many shareholders,” said Jesper Melin, chairman of PatientSky Group.
Among the businesses being sold are the operations of Hove Medical Systems, Infodoc, PatientSky SaaS Norway and PatientSky App, which all support the primary healthcare sector in Norway, especially general practitioners, specialist doctors and physiotherapists.
The change of ownership will have no material effect on the more than 2,000 clinics and their patients using PatientSky Norway’s solutions.
PatientSky Group is confident that EG will be an excellent owner of the divested businesses. EG has broad experience from owning and operating similar primary healthcare solutions in other countries, and it has clearly stated its intention to continue to develop the products for the benefit of patients, healthcare professionals and the greater society.
“We have been exploring this opportunity together with EG in an open and constructive process. EG has extensive experience from the primary healthcare sector in Denmark, which in many ways is similar to that in Norway. Finding an owner with deep insight and understanding of the sector and the needs of the many people that are relying on its service, has been of paramount importance to us,” said Mr. Melin.
“With the addition of PatientSky Norway to our portfolio, we will strengthen our capabilities for the healthcare sector in the Nordic region and ultimately ensure the best patient experience,” says Mikkel Bardram, CEO of EG A/S and adds:
"We see that software plays an important part in supporting the healthcare sector and the growing demands that a changing demography places on society. This is also evident from the increasingly higher requirements that customers and authorities set in terms of software functionality, stability, and security. In combination with our Danish healthcare business, we will have an even stronger foundation to support this.
We would like to welcome our new customers and employees in Norway and look forward to working together to develop and continue to bring great solutions to the market for general practitioners, specialist doctors and other healthcare professionals, such as physiotherapists."
About PatientSky SaaS Norway
PatientSky SaaS Norway is the leading provider of EHR-solutions in Norway within primary care. PatientSky SaaS Norway has been a trailblazer in the industry, developing patient-centric, cloud-based eHealth solutions that prioritize user experience and data security. PatientSky SaaS Norway’s commitment to excellence and innovation makes them a strong player in the healthcare industry, with a reputation for delivering exceptional value to their customers.
About EG
EG A/S is a market leading vendor of vertical software for private and public customers in the Nordic region. EG’s Software-as-a-Service offerings are developed by specialists with deep industry and domain knowledge, supporting business-critical and administrative processes. EG employs more than 1,900 people, primarily in the Nordics and in 2022, Group revenue was DKK 2.1 billion.
Press contact
PatientSky Group:
Geir Arne Drangeid
Tel.: + 47 913 10 458
Email: gad@firsthouse.no
EG:
Per Roholt
Tel.: + 45 2060 9736
Email: peroh@eg.dk
Important notice
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Christoffer Mathiesen, Investor Relations at PatientSky Group AS, on 5 March 2023 at 23:00 CET.
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