Fort Lauderdale-based Accountable Healthcare America will be acquired by a “blank check” Nasdaq-listed company specially formed to purchase businesses.
After the deal is completed, New York-based GreenVision Acquisition Corp. (Nasdaq: GRNV) will be renamed to AHA Healthcare. Dr. Warren Hosseinion will become chairman and CEO of the company. He was previously co-founder and CEO of Apollo Medical Holdings (Nasdaq: AMEH).
“We are excited to announce this transaction with GreenVision, which would create one of the leading publicly listed population health management companies in the nation if consummated,” Hosseinion said. “We believe that our cloud-based technology and medical management platform allows us to provide high-quality, coordinated care that is cost-effective and focused on outcomes.”
Rhe company anticipates $17.6 million in EBITDA in 2020 and a market capitalization of $127 million after the merger is completed.
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Founded in 2014, AHA owns 13 primary care clinics and manages 68 primary care practices, all catering to Medicare members in Florida. This health delivery platform has 326 providers and about 28,000 patients.
AHA said it uses cloud-based programs to manage care for Medicare Patients with multiple chronic conditions.
“AHA’s innovative big data technology and medical management platform, compelling financial profile and very attractive growth prospects are the drivers for our decision to choose AHA as our merger partner after a thorough search,” GreenVision Chairman and CEO David Fu said. “AHA’s management comes with a demonstrated track record of growth and success. We look forward to working with the stellar team at AHA to close our merger in a timely manner.”
Under the terms of the proposed deal, shareholders of AHA would receive about 71% of the outstanding shares of GreenVision. The deal could close by the fourth quarter of 2020.
GreenVision was formed in September 2019 with an IPO that raised about $57.5 million in capital, which it will use to support the growth of AHA. This is its first acquisition.