Cano Health, LLC (Cano Health), a leading value-based care delivery platform for seniors, and Jaws Acquisition Corp., a special purpose acquisition company, announced they have entered into a definitive merger agreement that will support Cano Health’s vision of becoming America’s leader in primary care for seniors. Upon completion of the transaction, the combined company will operate as Cano Health, and will be listed on the New York Stock Exchange under the new ticker symbol “CANO.”
Cano Health operates primary care centers and supports affiliated medical practices in Florida, Texas, Nevada, and Puerto Rico that specialize in value-based care for seniors. As part of its care coordination strategy, Cano Health provides high-touch population health management programs such as wellness activities, pharmacy services, home visits, telehealth, transition of care, and high-risk and complex care management.
The transaction will further accelerate Cano Health’s growth and enable the expansion of its value-based care into new geographies. The Company is expected to receive up to $935 million in transaction proceeds to pay down debt and provide growth capital, and a substantial majority of up to $465 million of proceeds is expected to be allocated to Cano Health’s financial sponsor.
Cano Health’s management team, led by founder and Chief Executive Officer (CEO) Marlow Hernandez, DO, will continue to lead the company following the transaction. Barry Sternlicht, co-founder and chairman of Jaws Acquisition Corp., will serve on the company’s Board of Directors.
Jaws Acquisition Corp., led by Chairman Barry S. Sternlicht and CEO Joseph L. Dowling, is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.
This was reported by Cano Health, LLC on November 12, 2020.
Contact information: Sean Leous, Media Relations/Senior Vice President, Westwicke, An ICR Company, 9725 NW 117 Avenue, Miami, FL 33178; 646-866-4012; Email: CanoHealthPR@westwicke.com, Website: https://canohealth.com/
Contact information: Tom Johnson, Media Relations/Chief Executive Officer, Abernathy MacGregor, 1601 Washington Avenue, Suite 800 Miami Beach, FL 33139; 212-371-5999; Email: tbj@abmac.com; Website: https://www.jawsholdings.com/
