Castlight Health, a healthcare data and navigation company, and Vera Whole Health (Vera), a specialist in advanced primary caremajority owned by Clayton, Dubilier & Rice (CD&R), are to merge.
The transaction, which has been unanimously approved by Castlight’s Board of Directors, is valued at an equity value of approximately USD370 million and will be structured as an all cash tender offer to acquire all outstanding shares of Castlight. Under the terms of the agreement, Vera will commence a tender offer to acquire all outstanding shares of Castlight Class A common stock and Class B common stock for USD2.05 in cash per share, representing a 25 per cent premium to the closing price as of 4 January, 2022, and a 35 per cent premium to the 30-day volume weighted average share price.
CD&R funds have committed to invest up to USD338 million to support the combination, and Anthem, a health company and long-time strategic customer of Castlight, will make an investment in the combined company.
