Humana is among the possible buyers circling Cano Health, people familiar with the matter say, as healthcare heavyweights rush to snap up primary-care providers
according to people familiar with the situation, as healthcare heavyweights scramble to snap up primary-care providers.
The talks are serious and a deal to purchase Cano could be struck in the next several weeks, assuming the negotiations don’t fall apart, some of the people said.Cano shares, which had been down nearly 7%, turned positive and were up 42% after The Wall Street Journal reported on the talks, giving the company a market value of nearly $5 billion.
Miami-based Cano operates primary-care centers in California, Florida, Nevada, New Mexico, Texas, Illinois, New York, New Jersey and Puerto Rico, according to documentation from the company. It mainly serves Medicare Advantage members, a private-sector alternative to Medicare for seniors. It couldn’t be learned who else is in the mix, but Cano could be Humana’s to lose as the health insurer has a right of first refusal on any sale, part of an agreement that was originally struck in 2019.
Ties between the companies run deep: Cano was Humana’s biggest independent primary-care provider in Florida, serving over 68,000 of its Medicare Advantage members at the end of last year, according to a securities filing. Cano also operated 11 medical centers in Texas and Nevada for which Humana is the exclusive health plan for Medicare Advantage, the filing added.
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