Apollo Medical To Buy Controlling Stake In Access Primary Care Medical

(RTTNews) - Apollo Medical Holdings Inc. (AMEH) said Monday that its affiliate AP-AMH 2 Medical Corporation has agreed to acquire 80% of the fully diluted capitalization of Access Primary Care Medical Group or "APCMG", a primary care physicians' group focused on providing care to senior patients.

As per the terms of the deal, 50% of the purchase price will be paid in cash to APCMG within 10 business days of the closing of the transaction, and the remaining 50% will be paid upon APCMG achieving certain financial milestones in 2022.

The company anticipates closing the transaction in the third quarter of 2021 and will fund the transaction from cash on hand.

The deal will Bring ApolloMed's technology and operations platform to more than 120 APCMG primary and specialty care providers serving about 1,000 Medicare Advantage members, Apollo Medical said.