Teladoc entered into a definitive agreement to acquire Best Doctors, a medical consultation company focused on complex and costly medical issues.
Under the agreement, Teladoc will purchase Best Doctors with $375 million cash and $65 million of Teladoc common stock. Teladoc has also secured committed financing from Jefferies Finance and Jefferies Group for $360 million.
Best Doctors uses advanced analytics and cognitive computing to connect patients with a global network of more than 50,000 medical experts. Teladoc officials said the acquisition is part of the company's long-term goal to create a central platform for patients to reach an array of healthcare services.
The transaction is expected to close in July, subject to regulatory approval and customary closing conditions. Best Doctors CEO Peter McClennen will continue to lead Best Doctors as president of a new division in Teladoc once the acquisition closes.
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