Cano Health to merge with blank check company Jaws Acquisition in $4.4bn deal
Cano Health, a US-based healthcare provider for seniors, has signed a $4.4 billion merger deal with Jaws Acquisition Corp., a special purpose acquisition company, to become a publicly-traded company.
The merger is expected to support the goal of Cano Health in becoming a major player for primary care for seniors. Following the closing of the deal, the combined healthcare company will operate as Cano Health, and will trade on the New York Stock Exchange (NYSE) under the CANO ticker symbol.
Dr. Marlow Hernandez – Cano Health founder and CEO said: “We have fulfilled and will always remain faithful to our mission – to improve patient health and quality of life by delivering superior primary care medical services, while forging life-long bonds with our members.
“We truly believe our model is transformative and can lead to fundamental improvements in America’s healthcare system, while helping Americans who need our help the most. In the process, we are revitalizing entire communities.”
Dr. Marlow Hernandez will continue to lead Cano Health after the closing of the deal.
Cano Health to merge with blank check company Jaws Acquisition in $4.4bn deal
Cano Health, which was founded in 2009, operates primary care centers and supports affiliated medical practices across Florida, Nevada, Texas, and Puerto Rico.
The company caters to 103,000 plus members via its network of 564 primary care physicians across 14 markets in the states.
Cano Health concentrates on providing high-touch population health and wellness services to Medicare Advantage members, especially in underserved communities.
The company’s CanoPanorama technology platform is said to facilitate the delivery of health care services to its members.
Cano Health partners with health plans from Humana, Anthem, UnitedHealthcare, Devoted, Aetna, and Centene.
Barry Sternlicht – Co-Founder and Chairman of Jaws Acquisition said: “Cano Health’s mission of providing high-quality healthcare to a largely underserved population resonates with the principles of Jaws Acquisition Corp., which include doing well by doing good.
“Cano Health has an exceptional, highly experienced management team led by Dr. Hernandez, and is incredibly well positioned to capitalize on the large and growing opportunity being driven by the government’s shift to Medicare Advantage and demographic tailwinds in the market.”
The deal, which is subject to approval from Jaws Acquisition’s shareholders and meeting of other customary closing conditions, is anticipated to be wrapped up at the end of Q1 2021 or early Q2 2021.