agilon health announced the launch of an underwritten secondary public offering of 70 million shares by the selling stockholder, CD&R Vector Holdings, an affiliate of Clayton, Dubilier & Rice. The selling stockholder expects to grant the underwriters a 30-day option to purchase up to an additional 10.5 million shares of agilon’s common stock. agilon will not receive any proceeds from the secondary offering.
In addition, agilon health announced that, subject to the completion of the offering, it intends to purchase approximately $200 million in stock from the underwriters at the same per-share price to be paid by the underwriters to the selling stockholder in the offering, net of underwriting discounts and commissions.
agilon intends to fund the purchase with cash on hand. The closing is subject to the closing of the offering. The closing of the offering is not conditioned upon the closing of the purchase from the underwriters.
J.P. Morgan and Goldman Sachs are lead book-running managers for the proposed offering. Read more.
