By Denny Jacob
Transcarent agreed to acquire healthcare company Accolade for $7.03 a share in cash, bringing the equity value of the deal to around $621 million.
San Francisco-based Transcarent, which provides technology-enabled health and benefit solutions, on Wednesday said its offerings, including those for cancer, surgery and pharmacy benefits, will combine with Accolade's personalized healthcare platform and expertise in areas including primary care.
The offer of $7.03 a share represents a premium of about 110% over Accolade's Tuesday closing stock price of $3.35. Transcarent said it will finance the deal through a fully committed equity financing led by General Catalyst and Glen Tullman's 62 Ventures.
Shares of Seattle-based Accolade more than doubled to $6.88 in recent premarket trading. They were briefly halted at 8:25 a.m. ET ahead of the news.
The deal, expected to close in the second calendar quarter of 2025, has been unanimously approved by both companies' boards.
"We will create a more personalized healthcare experience for people while improving outcomes and driving down costs," said Accolade Chief Executive Rajeev Singh.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 08, 2025 09:14 ET (14:14 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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