Cano Health, Inc.: M&A transaction — Cano Health sells Texas/Nevada senior primary care centers to Humana's CenterWell for ~$66.7M

Cano Health, Inc.

Total value ~$66.7M: $35.4M cash at close (net of $1.9M holdback) plus liability releases.
Net proceeds used to repay revolver; Q3 2023 financial maintenance covenant waived.
Agreement includes non-compete and non-solicit in Texas/Nevada; TSA up to 6 months + extensions.
Pro forma shows removal of centers' ops: six-month 2023 net loss per share improves from $(0.66) to $(0.62).
Centers contributed ~$41.2M revenue in H1 2023 and ~$63M in FY 2022.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Cano Health, Inc. completed a disposition involving Primary Care Holdings II, LLC, a wholly owned subsidiary of Humana Inc. (CenterWell) for approximately $66.7 million (closed 2023-09-25).

Action: disposition
Counterparty: Primary Care Holdings II, LLC, a wholly owned subsidiary of Humana Inc. (CenterWell)
Consideration: approximately $66.7 million
Closing: 2023-09-25

Exact text from the filing

care centers in Texas and Nevada (such centers, the “Centers,” and such transaction, the “Transaction”). The total value of the Transaction to Cano Health was approximately $66.7 million, consisting of approximately $35.4 million in cash paid at closing (of which approximately $1.9 million was withheld for satisfaction of potential indemnification claims), plus

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Source: SEC EDGAR

accession 0001193125-23-247562

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