Merger Arbitrage Mondays – Amazon Acquires 1Life Healthcare (One Medical)

Merger activity decreased last week with two new deals announced and six deals completed including three that at various points sported large spreads and appeared to be in trouble. One of the deals announced last week was a potential deal in the works. 1Life Healthcare (ONEM) Having worked in healthcare services in a San Francisco based company, I was acutely aware of One Medical, a company that was attempting to reinvent the way primary care was delivered to patients. 1Life Healthcare also known as One Medical was founded by Tom Lee in 2007. Google was an early investor in the company and by the time the company went public in January 2020, The Carlyle Group with a 27% stake, was its largest investor. 1Life and the One Medical entities do business under the “One Medical” brand. The company operates as a membership-based primary care practice. One Medical grew from a single clinic in San Francisco to 182 medical offices in the United States, providing 24/7 virtual care. Patients can access virtual medical services provided by One Medical for an annual membership fee of $199. One Medical was unique as it required an annual subscription and more often than not, that subscription...

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