Key points from article :
UK digital health provider Babylon has announced plans to become a public company following a $4.2bn merger.
The company has entered into a definitive merger agreement with special purpose acquisition company Alkuri Global.
It will give the healthtech company a pro forma equity value of $4.2bn.
The merger is expected to be completed in the second half of 2021.
“We are at the very beginning...to make it digital-first and prevention-first and shift the focus away from sick care to true health care,” - Ali Parsa, founder and chief executive of Babylon.
The merger is expected to deliver up to $575m gross proceeds, including up to $345m from Alkuri Global.
Several external investors, including Palantir, have helped fund a $230m private placement.
Recently Babylon has signed major deals with The Royal Wolverhampton NHS Trust, University Hospitals Birmingham NHS Foundation Trust and Royal Berkshire NHS Foundation Trust.