Cano Health, a primary care provider for seniors and underserved communities, acquired Miami-based University Health Care for $600 million, the organization said June 14.
The deal, financed through cash on hand and a common equity issued to University's shareholders, includes $540 million in cash and $60 million in equity.
Cano Health, backed by billionaire Barry Sternlicht, operates value-based primary care centers and supports affiliated medical practices that support primary care for seniors in Florida, Texas, Nevada and Puerto Rico. University Health Care has been providing comprehensive primary care in Florida for 25 years.
The deal will grow Cano's presence in Florida, which will expand to 13 University Health Care facilities and add more than 300 staff and affiliate providers.
"This transaction is a significant step forward for Cano Health and our patients, as it will allow us to bring our brand of affordable, high quality primary care to more patients in the Florida market and accelerate Cano Health's profitable growth," said Marlow Hernandez, MD, co-founder, chair and CEO of Cano Health. "University is a premier provider of value-based care, and we are thrilled to welcome the world-class University team to the Cano Health family."
Cano Health is based in Miami.