Cano Health buys college health care for $600 million

Cano Health buys college health care for $600 million

Cano Health shares were up 5% to $15.47 in premarket trading. Cano Health acquired University with $540 million in cash and $60 million in equity. The transaction was financed through cash on hand and common equity issued to University’s shareholders. Write to Chris Wack at chris.wack@wsj.com

University’s estimated standalone full-year 2021 revenue is $355 million, and adjusted Ebitda is forecast at $37 million. Cano Health now estimates full year 2021 adjusted earnings before interest, taxes, deprecitation and amoritization at $100 million to $110 million and reaffirmed its full year 2021 membership guidance of 154,000 to 162,000 members and revenue guidance of $1.4 billion to $1.5 billion.

Adding University will bring about 24,000 Medicare Advantage members to Cano and increase its capitated Medicare organic membership and revenue growth through an increase in clinical capacity. Cano said the acquisition would improve health outcomes for University patients while strengthening the company’s position in the Florida market.

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