AMEH - Apollo Med's affiliate to acquire controlling stake in Access Primary Care Medical Group shares drop 7%

Apollo Medical Holdings (AMEH) down 6.7% premarket after announcing that its affiliate, AP-AMH 2 Medical has inked agreement to acquire 80% of the fully diluted capitalization of Access Primary Care Medical Group ((APCMG)), a primary care physicians' group focused on providing high-quality care to senior patients. According to the terms of the agreement, 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 transaction is expected to close in Q3 2021. The deal will Bring ApolloMed's technology and operations platform to over 120 APCMG primary and specialty care providers serving approx. 1,000 Medicare Advantage members.

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Apollo Med's affiliate to acquire controlling stake in Access Primary Care Medical Group, shares drop 7%