Shares of Teladoc Health, Inc. TDOC are trading lower today after Amazon.com, Inc. AMZN announced the acquisition of One Medical ONEM in an all cash deal, which has weighed on other telemedicine and digital health competitors.
What Happened?
Amazon announced it will acquire One Medical for $18 per share in an all-cash transaction valued at $3.9 billion.
Why It Matters
The acquisition of One Medical by Amazon could ramp up competitive pressures for other companies in the telemedicine and digital health sectors.
"The opportunity to transform health care and improve outcomes by combining One Medical's human-centered and technology-powered model and exceptional team with Amazon's customer obsession, history of invention, and willingness to invest in the long-term is so exciting," said Amir Dan Rubin, One Medical CEO.
Price Action: Teladoc Health shares are down 2.96% at $41.92 this morning, according to data from Benzinga Pro.
Photo: Courtesy of National Cancer Institute on unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
