Bright Health Inc. acquired a 62% stake in Premier Medical Associates of Florida, LLC for $77.4 million on December 31, 2020. Premier Medical Associates of Florida was acquired in exchange for $59.6 million in cash and $17.8 million in Series E preferred shares of the company for total purchase consideration transferred, net of cash acquired of $3.2 million, of $74.2 million. As part of the acquisition, Bright Health entered into a put/call agreement with respect to the equity interests in PMA held by controlling interest holder. The call options allow for the company to purchase the 38% noncontrolling interest equity beginning on the fifth anniversary of the transaction date and each subsequent anniversary thereafter, or under certain other accelerating events as defined in the agreement, solely at the companys discretion. The put option allows the noncontrolling interest holder the ability to cause the company to purchase their noncontrolling equity interest beginning on the seventh anniversary of the transaction date and each subsequent anniversary thereafter.
Bright Health Inc. completed the acquisition of a 62% stake in Premier Medical Associates of Florida, LLC on December 31, 2020.