Atlanta, Georgia-based Sharecare announced that it has entered into a definitive agreement to be acquired by an affiliate of Altaris Capital Partners. According to data captured in the LevinPro HC database, this acquisition represents the 116th eHealth transaction of 2024, and the 13th in the patient engagement specialty.
Sharecare develops a mobile platform that lets patients manage their health through tools that include medication adherence and chronic disease management, and then communicate with a physician or doctor for consultation. According to its most recent financial report, Sharecare’s revenue for the full year 2023 was $445.3 million, and adjusted EBITDA was $16.5 million.
Altaris Capital Partners (along with its affiliates) is a private equity firm focused on the healthcare industry. Altaris is headquartered in New York City and manages approximately $10 billion of equity capital.
The transaction is expected to close in the second half of 2024. A special committee of the Board of Directors of Sharecare comprised solely of independent directors, carefully evaluated Altaris’ proposal and alternatives thereto. Following this process, the special committee determined that the transaction was in the best interests of Sharecare and its stockholders, and acting upon the recommendation of the committee, the Board approved the merger agreement and the transaction.
Houlihan Lokey and MTS Health Partners are acting as financial advisors to the special committee, and Wachtell, Lipton, Rosen & Katz are acting as legal advisors to the special committee. Kirkland & Ellis LLP is acting as legal advisor to Altaris. King & Spalding LLC is acting as legal advisor to Jeff Arnold, Sharecare’s founder and executive chairman of the Board of Directors.
