The nationwide GP network The Doctors is set to be sold in a $270 million transaction, in a move that will see it remain New Zealand-owned.
Current owner Green Cross Health has entered into a conditional agreement to sell its medical division to Tend Health.
The deal is subject to customary adjustments, including changes to net debt and net working capital, before it is finalised.
Tend Health is a primary care provider backed by several iwi and New Zealand investors. It was founded by Cecilia Robinson, who is best known for co-founding My Food Bag.
The Doctors is New Zealand’s largest enrolled patient network, with 65 clinics providing primary care to more than 400,000 patients.
Green Cross will keep ownership of its Life and Unichem pharmacy brands.
In a stock exchange announcement, the company said, “The sale [of the medical division] is conditional on Green Cross Health shareholder approval which will be sought at a meeting to be held in July.”
The sale is expected to be completed by the end of July 2026.
The company’s board has yet to determine how to allocate the proceeds from the sale, which may include retaining funds to invest in the growth of its pharmacy division as well as making a distribution or capital return to shareholders.
Green Cross said a decision will be made once the sale is complete.