The FTC is looking into the $3.9B Amazon/One Medical acquisition

Steven Loeb · September 6, 2022 · Short URL:

Both companies were asked for additional information and documentary materials late last week

Amazon's $3.9 billion acquisition of primary care provider One Medical is getting some additional scrutiny. 

The Federal Trade Commission is reviewing the proposed deal, and requested "additional information and documentary materials," from both companies at the end of last week, according to a filing with the Securities and Exchange Commission from One Medical's parent company 1Life.

There was no additional details about what information or documents were requested.

As a result, this will extend the mandatory waiting period for 30 days after One Medical and Amazon comply with the request.

“Both parties expect to promptly respond to the Second Request and to continue to work cooperatively with the FTC in its review of the Merger,” One Medical wrote in the filing.

The deal, which was first announced in late July, involves Amazon acquiring One Medical for $18 per share in all cash deal, including One Medical’s net debt, a 28.5% increase from One Medical's $14 IPO price. 

Founded in 2007, One Medical is a members-only technology platform that runs its own clinics across the U.S.

For less than $200 a year, patients get access to health professionals, 24/7 virtual care, and same-day appointments. They are able to enjoy more quality time with their provider during longer appointments, they can e-mail their provider directly with follow up questions, get access to 24/7 phone support and stay connected and on top of their health with the One Medical mobile app. Patients can also schedule same- or next-day appointments via phone, app or online.

The company currently has locations in Atlanta, Austin, Boston, Chicago, Columbus, the D.C. Metro Area, Houston, Los Angeles, New York, Orange County, Phoenix, Portland, Raleigh-Durham, San Diego, Seattle, and the SF Bay Area, with locations coming soon to Dallas–Ft. Worth, Miami, and Milwaukee.

Once the transaction is completed, One Medical CEO Amir Dan Rubin will continue on in his current role.

As for Amazon, the purchase of One Medical now seems like it will be a replacement for Amazon Care, its on-demand, virtual care solution.

Launched in late 2019, Amazon Care allows users to access primary care doctors by letting them either exchange messages with their healthcare provider, or have a video visit. Visits can include be for conditions such as allergies, cold, flu, or COVID-19, as well as ongoing care needs, including chronic conditions like hypertension, coronary artery disease, asthma, diabetes, and mild to moderate depression and anxiety.

In late August, the company announced plans to shut down Amazon Care, despite the last that it was still expanding the service as recently as that month, when a webpage showed that it was adding mental health care through a partnership with mental health company Ginger.

VatorNews reached out to Amazon for comment on the FTC review, but the company was not immediately available. We will update this story if we learn more. 

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