Houlihan Lokey Advises CareNet

Houlihan Lokey is pleased to announce that CareNet Inc. (CareNet), which operates a pharmaceutical and medical information platform, has sold its shares through a tender offer to EQT AB Group (EQT) at a share value of $320 million. The transaction closed on December 25, 2025.

CareNet operates two core businesses: the Pharmaceutical DX Business, which supports pharmaceutical companies in promoting their products, and the Medical Platform Business, which serves doctors, medical professionals, and medical institutions. At the heart of the company’s operations is CareNet.com, a medical information website that functions as an information platform for doctors and other medical professionals. Registered members, referred to as “doctor members,” receive a wide range of information through this platform.

EQT is a Sweden-headquartered private equity firm with operations in more than 25 countries across Europe, Asia, and North America. The firm focuses particularly on the healthcare and healthcare technology sectors, where it has built extensive expertise and a strong track record through numerous investments worldwide.

In a challenging business environment—marked by a shift in pharmaceutical trends from the primary segment to the specialty segment, and growing concerns over efficiency—CareNet has decided to go private to balance shareholder interests with the need for fundamental investment in business development.

CareNet was taken private through a tender offer of ¥1,130 per share, a price representing a 47.14% premium over the closing price of ¥768 on the day prior to the August 13, 2025 announcement. The tender offer concluded on August 29, 2025, and was followed by a squeeze-out.

Houlihan Lokey served as the exclusive financial advisor to CareNet. This transaction underscores Houlihan Lokey’s extensive expertise in healthcare, particularly in pharmaceutical services, and its exceptional capabilities in executing tender offers.

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