Senior healthcare provider CareMax is acquiring Dallas-based Steward Health Care's Medicare value-based care business in a cash and stock deal.
Upon the completion of the deal, Miami-based CareMax will serve as the exclusive value-based management services organization across Steward's Medicare network, according to a June 1 joint news release emailed to Becker's.
The deal will add 170,000 senior value-based care patients across eight states to CareMax's network, according to the news release.
CareMax will pay $25 million in cash and issue 23.5 million shares of its Class A common stock to Steward equity holders at closing, according to the news release.
The transaction is expected to be completed in the late third quarter or early fourth quarter of 2022.