U.S. primary care provider Cano Health is exploring a sale and working with advisors after receiving acquisition interest, Reuters reports, citing people familiar with the matter.
Cano Health has received buyout interest from potential buyers including Humana and CVS Health, the sources said.
Cano, which went public last year through a merger with Jaws Acquisition, a SPAC backed by billionaire Barry Sternlicht, received buyout interest after their poor results last month, prompting them to explore a sale, one of the sources said.
Humana has the right of first refusal in the event of a sale as part of an agreement between the two companies struck in 2019. Cano shares closed up 32% after paring some earlier gains, giving it a market capitalization of about $4.1 billion. Read more.
