- UK’s largest provider of telehealth services, Doctor Care Anywhere (DOC), signs a share purchase agreement to sell its Australian subsidiary, GP2U Telehealth
- My Emergency Doctor (MED) will acquire GP2U for $3 million, comprising $2.5 million in unlisted shares and $500,000 in cash
- DCA Chair John Stier says the acquisition would further cement the company’s focus on UK growth and profitability moving forward
- Meanwhile, the company reported it achieved record monthly consultations in May, with 65,200
- DOC shares last traded at 4.9 cents
UK’s largest provider of telehealth services, Doctor Care Anywhere (DOC), has inked a share purchase agreement to sell its Australian subsidiary – GP2U Telehealth.
The company announced that Australia’s first telemedicine service, Connected Medical Solutions, trading as My Emergency Doctor (MED), would acquire GP2U for $3 million.
The transaction includes $2.5 million in unlisted shares in MED, as well as $500,000 in cash, subject to shareholder approval.
DCA Chair John Stier said that the sale of GP2U would further cement the company’s focus on UK growth and profitability moving forward.
“As we have previously announced, we are focusing on our core UK market with the switch to a UK-based board following the conclusion of the AGM being the first step in this process,” he said.
“We are also delighted that GP2U will become part of such a capable and exciting business as MED, and as shareholders in MED, we are excited to be involved in their journey and look forward to working with them in the future.”
The acquisition is expected to be completed by the end of June 2023.
Additionally, DCA reported that business performed strongly throughout April and May, with 121,200 consultations completed over two months, excluding GP2U – equating to a 30 per cent increase year on year.
May consultations were also the highest in the company’s history, having recorded 65,200.
The company said it remained on track to launch its mixed clinical workforce proposition in the first half of next year.
DOC shares last traded at 4.9 cents.