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Amazon acquiring One Medical for nearly $4 billion

2022-07-21 16:17 by
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Amazon announced on Thursday that it's buying One Medical, the subscription-based primary-care provider, in a $3.9 billion all-cash deal - one of its largest acquisitions to date.

The goal of the $18 per share deal is to offer more convenient and affordable health care both in-person and virtually, the companies said. The two aim to combine One Medical's technology and team with "Amazon's customer obsession, history of invention, and willingness to invest in the long-term," One Medical CEO Amir Dan Rubin said in a statement.

"We see lots of opportunity to both improve the quality of the experience and give people back valuable time in their days," he added. Hence, you can expect the merged company to tap into Amazon technologies to cut out some of the hassle of visiting a clinic. The e-commerce giant has already been building cashierless grocery stores and a fashion outlet that lets customers use their smartphones to request clothes to try on.

The primacy care provider, which went public in 2020, operates 188 medical offices in 25 markets, according to its latest quarterly results. One Medical also offers a variety of telemedicine services.

This is not Amazon's first purchase in the health care space: It acquired PillPack for $750 million in 2018 before launching its own online pharmacy.

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