Teladoc on May 31 acquired international virtual care provider Advance Medical for an estimated $292 million in cash and $60 million of Teladoc common stock.
The acquisition aims to strengthen Teladoc's international footprint, the company wrote in a June 4 statement. Advance Medical works with 300-plus multinational employers and insurers across the U.S., South America, Europe and Asia to provide patients with virtual care services.
"This acquisition advances our strategy to continually expand our product portfolio, as well as our operational footprint in attractive global markets," Jason Gorevic, CEO of Teladoc, said in the statement.
Under the agreement, Advance Medical co-founders Carlos Nueno and Marc Subirats will join Teladoc's executive team and continue to lead Advance Medical's business outside the U.S.