Evolent sells value-based primary care business Evolent Care Partners to Privia for up to $113M

Evolent Health, Inc.

ECP acquired by Privia Health Group (PRVA) for $100M cash at close plus up to $13M contingent on 2025 MSSP performance; expected close Q4 2025.
All net proceeds will prepay senior term debt; transaction is accretive to free cash flow by >$7M/year net of reduced ECP cash generation.
ECP serves 120,000 members with 1,000+ physicians in Medicare Shared Savings Program; ~$10M current adjusted EBITDA.
Guides Q3 2025 rev $460-480M and Adj EBITDA $34-42M; FY2025 rev $1.85-1.88B and Adj EBITDA $140-165M excluding ECP.
CEO says divestiture allows focus on core specialty business and accelerates deleveraging; interest expense reduction ~$10M.

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