Castlight Health, a healthcare data and navigation company, and Vera Whole Health, a provider of advanced primary care, announced an agreement to merge. The combined company will integrate Castlight’s technology with Vera’s clinics, health care professionals and strategic partnerships with local providers.
The transaction, which has been unanimously approved by Castlight’s Board of Directors, is valued at an equity value of approximately $370 million and will be structured as an all cash tender offer to acquire all outstanding shares of Castlight. Under the terms of the agreement, Vera will commence a tender offer to acquire all outstanding shares of Castlight Class A common stock and Class B common stock for $2.05 in cash per share, representing a 25% premium to the closing price as of Jan. 4 and a 35% premium to the 30-day volume weighted average share price. Clayton, Dubilier & Rice funds, Vera’s majority equity holder, have committed to invest up to $338 million to support the combination, and Anthem, a long-time customer of Castlight, will make an investment in the combined company. Read more.
