Digital health company Sharecare has agreed to be acquired by an affiliate of Altaris, a healthcare investment firm, in an all-cash deal worth around $540m.

Sharecare, which is listed on Nasdaq, offers a data-driven virtual health platform to support patients in managing their health in one place.

The platform caters to individuals, providers, employers, government entities, health plans, and communities. Currently, its offerings are claimed to cover 12.4 million people and more than 8,000 hospitals and physician practices.

Through its three business channels, the company contributes to the healthcare system by enhancing patient access and outcomes. These objectives align with Altaris’ investment strategy and priorities, Sharecare said.

Sharecare CEO Brent Layton said: “Today’s announcement not only delivers value for Sharecare’s stockholders but also will result in exciting opportunities for our employees and customers.

“This transaction is an important step forward to enable the continued growth and evolution of Sharecare, and further strengthens us as we deploy our innovative technology across the healthcare sector.”

As per the definitive merger agreement signed by the parties, Sharecare’s shareholders will receive $1.43 in cash for each share they hold in the company.

The consideration reflects a premium of around 85% over Sharecare’s closing price on 20 June 2024, which was the final trading day before the transaction was publicly disclosed.

Additionally, it represents an 87% premium over Sharecare’s 90-day volume weighted average trading price.

Following the conclusion of the deal, the digital health company will transition into a privately owned entity, and its common stock will no longer be listed on Nasdaq.

Jeff Arnold, Sharecare’s founder, has agreed to roll over substantially all of his existing equity in the firm. He will continue to be a significant shareholder after the transaction, while maintaining his role as executive chairman.

Layton, on the other hand, will continue as CEO of Sharecare.

The anticipated closure of the transaction is expected in the latter half of 2024, subject to customary conditions, including approval by Sharecare’s shareholders and the necessary regulatory clearances.

The US-based Altaris has engaged Kirkland & Ellis as its legal adviser for the transaction. On the other hand, Arnold is represented by King & Spalding as legal adviser.