One Medical to acquire digital primary care provider for $2.1B

Membership-based primary care network One Medical said June 7 it will acquire Iora Health, a tech-powered primary care provider focusing on serving Medicare patients.

The acquisition will allow One Medical to offer 24/7 digital and in-person care, as well as extend the provider into full-risk Medicare reimbursement models.

Under the deal, Iora Health's shareholders will receive 56.1 million shares of One Medical's common stock, valued at approximately $2.1 billion.

“One Medical has proven its ability to drive profitable membership growth, engage with members, improve health outcomes and lower costs," One Medical CFO Bjorn Thaler said in a news release. "I am excited at the prospect of creating even more differentiation by adding Iora Health’s Medicare-focused capabilities, expanding our reach to 28 markets, and offering our service experience to the parents and grandparents of our [598,000] members."

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