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WELL Health Completes Acquisition of MyHealth; Becoming Canada's Largest Outpatient Medical Clinic Owner-Operator and Leading Multi-Disciplinary Telehealth Service Provider
WELL Health Completes Acquisition of MyHealth; Becoming Canada's Largest Outpatient Medic...
About this update from Well Health Technologies Corp.
[{"type":"text","content":"\n \n \n \n WELL Health Completes Acquisition of MyHealth; Becoming Canada's Largest Outpatient Medical Clinic Owner-Operator and Leading Multi-Disciplinary Telehealth Service Provider\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n MyHealth Partners Inc. (\"\n \n MyHealth\n \n \") is a leading primary care, specialty care, telehealth services and accredited diagnostic health services provider that owns and operates 48 locations across\n \n Ontario\n \n .\n \n \n After this foundational acquisition, WELL is now the largest owner-operator of outpatient medical clinics in\n \n Canada\n \n with 74 combined clinics. Approximately 75% of MyHealth's medical consultations are currently conducted via telehealth, which when combined with WELL's multiple telehealth businesses now make WELL the leading multi-disciplinary telehealth service provider in\n \n Canada\n \n .\n \n \n WELL's combined proforma revenue run-rate as of closing is estimated to be approaching\n \n C$400M\n \n with EBITDA\n \n 1\n \n run-rate of almost\n \n C$100M\n \n . MyHealth is expected to generate proforma revenues of approximately\n \n C$100M\n \n \n 2\n \n with EBITDA\n \n 1\n \n margins of approximately 20% in 2021.\n \n \n The purchase price paid upon closing of\n \n C$206M\n \n was fully funded via a combination of WELL shares, vendor takeback financing, and new senior facilities. The deal reflects accretion of 20% and 28% on an EBITDA\n \n 1\n \n per share and revenue per share basis respectively with less than 5% dilution.\n \n \n The transaction was financed in part by senior facilities providing up to\n \n C$200M\n \n of credit to MyHealth provided by a syndicate of banks led by the Royal Bank of\n \n Canada\n \n and including the Bank of\n \n Montreal\n \n , HSBC Bank Canada, The Toronto-Dominion Bank, ICICI Bank Canada and Laurentian Bank of\n \n Canada\n \n .\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n July 15, 2021\n \n /CNW/ - WELL Health Technologies Corp. (TSX: WELL) (\"\n \n WELL\n \n \" or the \"\n \n Company\n \n \"), a company focused on con...