Black Kite Partners led consortium - DR2

Black Kite Partners Pty Ltd (**Black Kite**), HarbourVest Global Private Solution SICAV S.A. (**HarbourVest**) and MA Financial Group Limited (**MA Financial**) are private capital investors (together, the **Acquirers**). DR2 Holdings Pty Ltd (**DR2**) is the holding company of businesses primarily involved in the supply of telehealth and face-to-face consultations. Its bulk-billed after-hours consultations are completed through approved medical deputising services, National Home Doctor Service Pty Ltd (trading as 13Sick) and Doctorsquare Pty Ltd (trading as DoctorDoctor). Its in-hours (daytime) consultations are completed through 24-7Medcare and are either bulk-billed or privately paid. DR2 also conducts a surgical assistant placement service through Australia Surgical Assisting. The Acquisition consists of two parts: * HoldCo acquisition: related entities of Black Kite, HarbourVest, MA Financial and some current management shareholders of DR2 will acquire interests in Galileo HoldCo Pty Ltd (**HoldCo**) * DR2 acquisition: Galileo BidCo Pty Ltd (**BidCo**), a wholly owned subsidiary of HoldCo, will acquire 100% of the share capital in DR2. Together, the Acquisition involves: * related entities of Black Kite and HarbourVest acquiring new interests in DR2 * MA Financial rolling over its existing interest in DR2, and transferring its interest in DR2 to another related entity and MA-managed fund * some individual shareholders rolling over their existing interest in DR2 * other existing investors in DR2 exiting their interests in DR2.

Status

Assessment completed

ACCC determination

Approved

Stage

Waiver application

Notified

30 June 2026

Determination published

28 July 2026

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