Brief: CareMax To Acquire Medicare Value-Based Care Business Of Steward Health Care System

Caremax

01/06/2022 12:43

June 1 (Reuters) - CareMax Inc  CMAX.O :
    * CAREMAX, INC. TO ACQUIRE MEDICARE VALUE-BASED CARE
BUSINESS OF
STEWARD HEALTH CARE SYSTEM
    * CAREMAX INC - TRANSACTION PROJECTED TO BE IMMEDIATELY
ACCRETIVE
TO REVENUE AND ADJUSTED EBITDA FOLLOWING CLOSE
    * CAREMAX INC - UPON CLOSING OF TRANSACTION, DR. DE LA TORRE
WILL
HAVE RIGHT TO DESIGNATE ONE MEMBER OF CAREMAX'S BOARD OF
DIRECTORS
    * CAREMAX INC - IF EARNOUT IS ACHIEVED, DR. DE LA TORRE WILL
HAVE
RIGHT TO DESIGNATE AN ADDITIONAL MEMBER OF CAREMAX'S BOARD OF
DIRECTORS AT SUCH TIME
    * CAREMAX INC SAYS UNDER TERMS OF MERGER AGREEMENT, CO WILL
PAY
$25 MILLION IN CASH AND ISSUE 23.5 MILLION SHARES OF CAREMAX'S
CLASS A COMMON STOCK
    * CAREMAX - PURSUANT TO MERGER AGREEMENT, CO WILL ACQUIRE
MEDICARE
VALUE-BASED CARE BUSINESS OF STEWARD FOR A COMBINATION OF CASH
AND STOCK
    * CAREMAX INC SAYS IN ADDITION, CO WILL FUND MEDICARE
RECEIVABLE
TO STEWARD COVERING ACCOUNTS RECEIVABLE RELATED TO 2021 AND
PRE-CLOSE PERIOD OF 2022
    * CAREMAX INC - STEWARD WILL HAVE POTENTIAL TO RECEIVE AN
EARNOUT
OF ADDITIONAL SHARES OF CAREMAX'S CLASS A COMMON STOCK

Source text for Eikon:  ID:nBw4JQl40a 
Further company coverage:  CMAX.O 

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