One Medical’s $2.1 Billion Acquisition of Iora Health

Skadden, Arps, Slate, Meagher & Flom advised Iora Health, while Cooley and Ropes & Gray advised One Medical on the deal. Wilson Sonsini Goodrich & Rosati represented Temasek, Iora Health’s largest investor on the deal.

Iora Health, a human-centric, value-based primary care group with built-for-purpose technology focused on serving Medicare populations, announced with 1Life Healthcare, Inc. (One Medical), a leading human-centered and technology-powered primary care organization, a definitive agreement for One Medical to acquire Iora Health in an all-stock transaction valued at approximately $2.1 billion.

Under the terms of the agreement, Iora Health shareholders will receive 56.1 million shares of One Medical common stock. Based on the closing share price of One Medical’s common stock of $35.59 on June 4th, 2021, the total transaction is valued at approximately $2.1 billion. Upon completion of the transaction, Iora Health shareholders are expected to own approximately 26.75% of the combined company.

Morgan Stanley & Co. LLC served as exclusive financial advisor to One Medical. Credit Suisse served as exclusive financial advisor to Iora Health.

The Skadden team included M&A partners Howard Ellin (Picture), Mike Ringler (Palo Alto) and Dohyun (Do) Kim, and associate Samuel Cammer; Executive Compensation and Benefits counsel Page Griffin; Tax partners Steven Matays and Thomas Wood (Washington, D.C.); Life Science and Health Care Enforcement and Regulation partner Maya Florence (Boston); and Intellectual Property and Technology partner Resa Schlossberg. All attorneys are located in New York unless otherwise noted.

The Wilson Sonsini team that represented Temasek in the transaction included: Barry Taylor, David Hoffmeister, Eva Yin, Jon Nygaard, Jonathan Zhu and Joe Mandry.

The Cooley team included Steve Tonsfeldt, Matthew Hemington, David Silverman, Matthew Silverman, Kendra Fox, Claudy Bince, Allie Frappier, Esther Yang, Milson Yu, Rubin Waranch, Rachel Lydon, Ross Eberly, Yelena Cavanaugh, Mor Agam, Amanda Pacheco, Megan Browdie, Mark Windfeld-Hansen, Michael Coburn, Stacey Bradford, Barbara Mirza, Megan Sacher, Felipe Pereira, Stephanie Gentile, Jacqueline Grise, Josh Elefant, Annelise Bertrand and Ellie Guadiana.

The Ropes & Gray team was led by health care partner Jennifer Romig (Chicago) and included health care associates Sam Perrone, Grace Kim, Eliza Pan and Emma Kaufman (all of Boston) and Ryan Marcus (Chicago).

Involved fees earner: Mor Agam – Cooley LLP; Annelise Bertrand – Cooley LLP; Claudy Bince – Cooley LLP; Stacey Bradford – Cooley LLP; Megan Browdie – Cooley LLP; Yelena Cavanaugh – Cooley LLP; Michael Coburn – Cooley LLP; Ross Eberly – Cooley LLP; Joshua Elefant – Cooley LLP; Kendra Fox – Cooley LLP; Allie Frappier – Cooley LLP; Stephanie Gentile – Cooley LLP; Jacqueline Grise – Cooley LLP; Ellie Guadiana – Cooley LLP; Matthew Hemington – Cooley LLP; Rachel Lydon – Cooley LLP; Barbara Mirza – Cooley LLP; Amanda Pacheco – Cooley LLP; Felipe Pereira – Cooley LLP; Megan Sacher – Cooley LLP; David Silverman – Cooley LLP; Matthew Silverman – Cooley LLP; Steve Tonsfeldt – Cooley LLP; Rubin Waranch – Cooley LLP; Mark Windfeld-Hansen – Cooley LLP; Esther Yang – Cooley LLP; Milson Yu – Cooley LLP; Emma Kaufman – Ropes & Gray; Grace Kim – Ropes & Gray; Ryan Marcus – Ropes & Gray; Eliza Pan – Ropes & Gray; Samuel Perrone – Ropes & Gray; Jennifer Romig – Ropes & Gray; Samuel Cammer – Skadden Arps Slate Meager & Flom; Howard Ellin – Skadden Arps Slate Meager & Flom; Maya Florence – Skadden Arps Slate Meager & Flom; Page Griffin – Skadden Arps Slate Meager & Flom; Dohyun Kim – Skadden Arps Slate Meager & Flom; Steven Matays – Skadden Arps Slate Meager & Flom; Mike Ringler – Skadden Arps Slate Meager & Flom; Resa Schlossberg – Skadden Arps Slate Meager & Flom; Thomas Wood – Skadden Arps Slate Meager & Flom; David Hoffmeister – Wilson Sonsini Goodrich & Rosati; Joe Mandry III – Wilson Sonsini Goodrich & Rosati; Jon Nygaard – Wilson Sonsini Goodrich & Rosati; Barry Taylor – Wilson Sonsini Goodrich & Rosati; Eva Yin – Wilson Sonsini Goodrich & Rosati; Jonathan Zhu – Wilson Sonsini Goodrich & Rosati;

Law Firms: Cooley LLP; Ropes & Gray; Skadden Arps Slate Meager & Flom; Wilson Sonsini Goodrich & Rosati;

Clients: Iora Health; One Medical (1Life Healthcare); Temasek;

Author: Martina Bellini