Cano Health, a Florida-based primary care provider for seniors, has acquired University Health Care, another Florida-based primary care provider, for a total consideration of USD 600 million. The transaction consists of USD 540 million in cash and USD 60 million in equity. 

The acquisition will increase Cano’s market share in Florida which is among states with the highest enrollments in Medicare Advantage in the country. University Health Care’s patients will benefit from access to additional services and locations including dental care and physiotherapy. Following the acquisition, Cano will serve nearly 143,000 members across 88 clinics. 

Cano Health revised its 2021 adjusted EBITDA guidance, which is now expected to range between USD 100 - 110 million from a previously estimated USD 90 - 100 million. The company reaffirmed revenue guidance to range from USD 1.4 billion to USD 1.5 billion following the acquisition, implying a growth rate of 68% - 80% YoY. 

Founded in 2002, Cano Health is a value-based primary care provider that also offers wellness programs, a mobile clinic, and prescription delivery. The company also provides population health management services to affiliated medical centers. As of May 2021, the company had served patients across 14 markets in Florida, Texas, and Nevada.