Sun Life Financial Inc. (TSX: SLF) announced this morning its plan to acquire US-based medical intelligence and healthcare navigation provider Pinnacle Care International, Inc. The acquisition price is reported to be C$108 million.
The company plans to make Pinnacle Care part of its stop-loss and health insurance business unit. This acquisition is expected to expand the business unit beyond its traditional model and add the health advisory firm’s navigation care and personal diagnosis framework through its network of health advisors. Pinnacle Care also conducts medical research, written and video-based second opinions, and appointment facilitation.
Sun Life expects this acquisition to enable them to offer an integrated offering in the stop-loss market. Dan Fishbein, M.D., president of Sun Life US says, “PinnacleCare extends the value of our stop-loss programs beyond reimbursement to directly helping members in the moments that matter.” The company currently offers its services to two million people through individual clients and employers.
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The transaction is expected to close in mid-2021, subject to closing conditions and regulatory approvals.
Sun Life Financial Inc. last traded at $65.45 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
