WORLD


Amazon to buy primary care provider One Medical for $3.9 billion

Baku, July 25, AZERTAC

Amazon announced it will acquire the primary care organization One Medical in a deal valued roughly at USD 3.9 billion, marking another expansion for the retailer into health care services, according to Business Standard.

Amazon announced on Thursday it will acquire the primary care organization One Medical in a deal valued roughly at USD 3.9 billion, marking another expansion for the retailer into health care services.

The Seattle-based e-commerce giant said in a statement it will acquire One Medical for USD 18 per share in an all-cash transaction. It marks one of Amazon's biggest acquisitions, following its USD 13.7 billion deal to buy Whole Foods in 2017 and its USD 8.5 billion purchase of Hollywood studio MGM, which closed earlier this year.

One Medical, whose parent company is the San-Francisco based 1Life Healthcare, Inc., is a membership-based service that offers patients in-person and virtual doctor visits. As of this March, it had about 767,00 members and 188 medical offices in 25 markets, according to its first-quarter earnings report, which also showed the company had incurred a net losses of USD 90.9 million after pulling in USD 254.1 million in revenue.

Amazon's latest acquisition furthers the company's foray into provide health care services. In 2020, the retail colossus opened an online drug store that allows customers to order medication or prescription refills, and have them delivered to their front door in a couple of days. Last year, it began offering its Amazon Care telemedicine program to employers nationwide.

In morning trading, shares of 1Life Healthcare surged 68 per cent to USD 17.13.

© Content from this site must be hyperlinked when used.
Report a mistake by marking it and pressing ctrl + enter

FEEDBACK

Fields with * are required.

Please enter the letters as they are shown in the image above.
Letters are not case-sensitive.