WELL Health Technologies Corp. (TSX: WELL) today announced that its wholly-owned subsidiary, DoctorCare, has finalized the acquisition of a 51% stake in Doctors Services Group Limited. Founders of the company will continue to hold the remaining 49% stake in the firm.
Doctors Services Group offers uninsured services billing programs as well as a suite of added tools and services that enhances patient care and transforms practice productivity. DSG is expected to expand and complement WELL’s back-office business unit and billing which was initially put together in November 2020 with the acquisition of DoctorCare.
The transaction was finalized following a share purchase agreement on April 29, 2021. The total purchase price for the 51% stake amounted to $1,425,000, of which $475,000 was paid in cash, $475,000 was paid in shares, and the remainder being a multi-year earn out. The transaction also offers Well Health the opportunity to acquire the remaining issued and outstanding shares of Doctors Services Group by way of a call option.
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It’s expected that Doctors Services Group will be an immediately accretive acquisition, generating upwards of $450K of normalized EBITDA per calendar year.
WELL Health Technologies Corp. last traded on the TSX at $7.08.
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