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Amazon Completes $3.9B Deal for One Medical as FTC Backs Off for Now

Amazon Completes $3.9B Deal for One Medical as FTC Backs Off for Now

Amazon has completed its purchase of One Medical parent 1Life Healthcare Inc., sealing the $3.9 billion acquisition, including debt, without opposition from the US Federal Trade Commission.

The purchase of One Medical, which runs a chain of more than 150 primary care clinics in more than a dozen US cities and offers online and mobile services, marks another move to healthcare for the tech and retail giant after launching several ventures in the space, including the new Amazon Clinic and the recently shuttered Amazon Care offering for employers.

The Wall Street Journal and Bloomberg reported the FTC wouldn’t block the deal from closing, but the agency would continue its probe. Amazon announced last July plans to buy One Medical for $18 per share in an all-cash transaction, and disclosed it was under review by the FTC two months later.

FTC spokesman Douglas Farrar said in a statement that the investigation into this acquisition is ongoing, and “The commission will continue to look at possible harms to competition created by this merger as well as possible harms to consumers that may result from Amazon’s control and use of sensitive consumer health information held by One Medical.”

Amazon has been delving into other aspects of healthcare for several years. The company purchased digital pharmacy PillPack in 2018 for $750 million, and it launched Amazon Pharmacy in 2020.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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