WASHINGTON, July 22 (U.S.): Amazon will acquire primary care organization One Medical in a deal valued at approximately $3.9 billion, marking another expansion of the health care services retailer, the AP reports.
The Seattle-based e-commerce giant said Thursday that it is buying One Medical for $18 per share in cash. It’s one of Amazon’s biggest acquisitions, following the $13.7 billion deal to buy Whole Foods in 2017 and its $8.5 billion purchase of Hollywood studio MGM, which closed earlier this year.
One Medical, and its parent company is 1Life Healthcare, Inc. Based in San Francisco, it is a membership-based service that offers virtual care as well as in-person visits. It also works with more than 8000 companies to deliver its health benefits to employees.
As of March, One Medical had about 767,000 members and 188 medical offices in 25 markets, according to its first-quarter earnings report, which also showed the company incurred a net loss of $90.9 million after generating $254.1 million in revenue. The total value of the deal announced Thursday includes One Medical’s debt.
Neil Lindsey, Amazon’s senior vice president of health services, said in a statement that the acquisition is geared toward reinventing the healthcare “experience” for things like booking an appointment and taking trips to the pharmacy.
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