Group of buyers cancelled the acquisition of remaining stake in GoHealth, Inc..
August 23, 2023
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Group of buyers submitted a non-binding proposal to acquire remaining stake in GoHealth, Inc. (NasdaqCM:GOCO) for approximately $330 million on May 18, 2023. Buyers collectively own 77.6% of the issued and outstanding shares of GoHealth. Buyers proposed to acquire remaining shares in GoHealth for cash consideration of $20.00 per share or unit. Independent members of GoHealth's Board will review the proposal in due course. Centerbridge?s investment committee has approved the submission of this Proposal. Proposal is subject to the completion of confirmatory due diligence and the negotiation and execution of mutually acceptable definitive transaction documentation. Elizabeth Cooper and Michael Chao of Simpson Thacher & Bartlett LLP acted as legal advisors to Centerbridge Partners, L.P. Patrick Croke of Croke Fairchild Duarte & Beres LLC acted as legal advisor to Clinton P. Jones.
Group of buyers cancelled the acquisition of remaining stake in GoHealth, Inc. (NasdaqCM:GOCO) on August 24, 2023.
GoHealth, Inc. is a medicare-focused digital health company that operates a health insurance marketplace. The Company primarily offers Medicare plans, including, Medicare Advantage, Medicare Supplement and prescription drug plans. Its technology platform leverages modern machine-learning algorithms powered by insurance behavioral data to reimagine the optimal process for helping consumers find the health plan for their specific needs. Its Medicare Advantage offerings include Special Needs Plans (SNPs). SNPs are special kinds of Medicare Advantage plans that have benefits covering special health care or financial needs. Its Marketplace technology features decision support tools and integrates with health plan partner enterprise systems, enabling agents to quickly select the right health insurance plan for each consumer based on their specific needs and enroll them in those plans. It offers Encompass Connect and Encompass Engage services to its health plan partners.