Babylon Holdings To Be Acquired By AlbaCore Capital, MindMaze Group - Stock Falls
Babylon Holdings Limited (NYSE:BBLN) shares are trading lower after the company agreed to be acquirred by AlbaCore Capital, MindMaze Group.
The proposal firmly positions Babylon to accelerate its core mission – to make high-quality healthcare more accessible and affordable by combining the most cutting-edge technology with the best medical expertise. The deal provides $34.5 million in funding to Babylon.
The transaction provides a new capital structure with a significant reduction of pro forma company debt, resulting in a substantially strengthened and more flexible financial profile.
Babylon and MindMaze believe that the combined entity will form a robust "digital-first global AI-driven healthcare business" that will help transform the industry from sick care to predictive and preventative healthcare.
The transaction, which is expected to close in July 2023, would transfer core operating subsidiaries of Babylon to MindMaze, and Babylon will cease trading on the NYSE under the ticker symbol 'BBLN.'
Price Action: BBLN shares are trading lower by 16.10% to $0.52 on the last check Friday.