• MedAdvisor has entered a non-binding LOI to sell its ANZ business division
• Proposed sale price of $35 million plus uncapped earn-out of up to $7.35 million
• Exclusivity period granted to potential buyer to conduct due diligence

MedAdvisor Limited has provided further details on its previously announced strategic review and the proposed sale of its ANZ business division. The company has entered into a non-binding Letter of Intent (LOI) with an Australian subsidiary of a prominent, multinational software business to acquire 100% of MedAdvisor International Pty Ltd and its subsidiaries, as well as the associated intellectual property. The headline price for the transaction is $35 million, with an additional uncapped contingent consideration of up to $7.35 million through a three-year earn-out based on the performance of the ANZ business post-completion. The company has granted the potential buyer an exclusive right to conduct due diligence and negotiate formal sale documentation for a period of approximately five weeks, with the ability to extend for a further two weeks. The company has also agreed to pay a $1 million break fee under certain conditions, such as if the potential buyer terminates the LOI due to a material breach by MedAdvisor or if the company pursues a superior proposal. MedAdvisor stated that the proceeds from the potential transaction, after costs, will likely be used to reduce its debt position, with an expectation of a return to shareholders, though the mechanics, quantum and timing of any such return will be subject to further consideration. The company reiterated that the LOI is non-binding, and there is no certainty that a formal, binding agreement will be reached or that the sale transaction will occur.