Li Ka-shing-backed WELL Health To Buy CRH Medical For Nearly $300 Million

WELL Health Technologies announced this morning that it is acquiring CRH Medical Corporation for USD $292.7 million.

Vancouver-headquartered CRH Medical is focused on providing gastroenterologists throughout the United States with innovative services and products for the treatment of gastrointestinal diseases.

The acquisition will significantly boost WELL’s revenues, cash flow, and EBITDA profile, while marking WELL’s major expansion into the US market by providing digital tools and tech-enablement to CRH’s 70 Advanced Surgical Centers and Gastroenterologist Clinics located in 14 US states and thousands of Gastroenterologist partners.

WELL is funding this proposed acquisition with a concurrent CAD $295.5 million equity offering led by Hong Kong’s Li Ka-shing.

Today’s announcement follows a record breaking year for the healthtech startup that saw 13 acquisitions and 2 minority investments completed in 2020.

Shares in CRH Medical (TSX:CRH) are up 80% today while WELL (TSX:WELL) is up 16%.