Cincinnati-based Bon Secours Mercy Health committed to making a private investment in the business combination that will make telemedicine provider SOC Telemed public.
"Bon Secours Mercy Health is committed to the continual improvement of our clinical operations to ensure we provide the best care for our patients and residents," BSMH Chief Care Delivery Officer Rebecca Lenz said in an Oct. 23 news release. "This strategic investment supports our health system's work in reimagining our care delivery model focused around providing high value, quality care of which telemedicine is an integral part."
The health system's private investment will be on the same terms as previous commitments from certain investors for $165 million in common stock of the combined company. Under the deal, SOC Telemed will combine with Healthcare Merger Corp., a public investment firm.
SOC Telemed and Healthcare Merger Corp. announced the deal in July; the combined company will operate as SOC Telemed and be listed on the Nasdaq Stock Market with the initial value of around $720 million.