HealWell receives OIO approve to buy Orion Health

SECTOR UPDATE - HealWell AI

HEALWELL AI Inc. (“HEALWELL” or the “Company”) (TSX: AIDX) (OTCQX:HWAIF), a healthcare artificial intelligence company focused on preventative care, is pleased to announce that the Company has received consent from the Overseas Investment Office of New Zealand (the “OIO”) for HEALWELL to acquire all of the ordinary shares (the “Orion Shares”) of Auckland, New Zealand-based Orion Health Holdings Limited (“Orion Health”), as contemplated in the share purchase agreement dated December 16, 2024, among the Company, Orion Health and McCrae Limited, as sole vendor, after the concurrent divestiture of Orion Health’s non-strategic divisions, for total consideration of NZD$175 million plus a performance based earnout of up to a further NZD$25 million.

Orion Health is a global leader in developing and deploying healthcare information exchange and intelligence platforms with over 70 customers in 11 countries worldwide and approximately 400 team members, including marquee public sector clients. HEALWELL and Orion Health are well-positioned to harvest significant revenue and cost synergies and with the combined mission to revolutionize healthcare through AI and data-driven innovation. The acquisition of Orion Health brings forth over 150 million covered lives globally, which will materially expand HEALWELL’s footprint to execute against its mission of early disease detection. It also significantly scales HEALWELL’s platform by deepening its penetration into the public sector, supported by Orion Health’s long-standing government relationships and broader customer base. Orion Health further positions HEALWELL as a global leader in healthcare technology and artificial intelligence, unlocking new opportunities in population health management, clinical research and preventative care.

The OIO consent is subject to certain standard conditions that apply to all overseas persons who are granted consent to acquire significant New Zealand business assets, in addition to the requirement for HEALWELL to acquire the Orion Shares on or before February 28, 2026. Following receipt of OIO consent, HEALWELL will commence closing process and anticipates that it will close the transaction and acquire the Orion Shares on or before April 1, 2025.

For more information on the terms of the transaction, please see the Company’s news releases dated December 16, 2024, December 17, 2024, January 14, 2025, January 21, 2025 and January 28, 2025 available on SEDAR+.

Source: HealWell AI media release

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