American investment firm Centerbridge Partners is set to finalise its acquisition of a majority stake in health insurance marketplace GoHealth. The deal will be worth approximately $1.5bn.
Undisclosed sources familiar with the development told Reuters that the deal is expected to be announced as early as Monday.
Chicago-based GoHealth manages an online marketplace for health insurance. The marketplace leverages proprietary algorithms to connect consumers and small businesses with health plans.
GoHealth has also teamed up with insurance agencies which offer suitable plans to its customers.
Founded in 2001, GoHealth’s business developed significantly after the 2010 Affordable Care Act was passed.
Subsequently, the health insurance marketplace expanded into other areas of health coverage including Medicare along with small group health plans.
The sources told the publication that after the completion of the deal, GoHealth’s founders Clint Jones and Brandon Cruz will continue to manage the firm.
Both of the founders will also hold a substantial equity stake in the company.
The proposed takeover of GoHealth would be Centerbridge’s second investment in the healthcare sector in 2019.
Centerbridge snapped up home- and community-based healthcare services provider Civitas Solutions for $1.4bn in March this year.