WELL Health to acquire MyHealth

On June 7, 2021, WELL Health Technologies Corp. ("WELL") announce that it entered into a definitive share purchase agreement dated June 4, 2021 to acquire all of the issued and outstanding shares of MyHealth Partners Inc. The foundational acquisition positions WELL to become the largest owner-operator of outpatient medical clinics in Canada with 74 combined clinics.

Under the terms of the agreement, the total consideration payable by WELL in connection with the transaction is up to C$266.3 million which will be paid as follows: (i) C$82 million in cash on the closing date, subject to customary closing adjustments; (ii) C$94.3 million through the issuance of 9.6 million common shares in the capital of WELL on the closing date at a deemed price per share of C$9.80 per share; (iii) a convertible promissory note in the principal amount of C$30 million issued by WELL maturing in three C$10 million tranches on the third, sixth and ninth months following the closing date of the transaction and repayable in cash, WELL common shares, or a combination of both, at WELL's discretion; and (iv) a four-year performance-based earn-out of up to C$60 million, payable in cash, WELL common shares or a combination of both, at WELL's discretion.

Closing of the transaction was announced to July 15, 2021.

Further information can be found on Canada Newswire’s website.

MyHealth is one of Canada's largest and fastest growing primary and specialty healthcare providers with a network of diagnostic centers across Ontario. Its experienced team of physicians and healthcare professionals provide cardiology, x-ray, ultrasound, mammography, bone density related diagnosis.

WELL Health is an omni-channel digital health company whose overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest trends in digital health. As such, it owns and operates primary and executive healthcare clinics in both Canada and the US, operates a global digital Electronic Medical Records (EMR) business serving thousands of healthcare clinics and health systems of all sizes and operates a multi-national portfolio of telehealth services which includes one of the largest telehealth service providers in Canada.