King of Prussia-based Universal Health Services (UHS), a hospital and health-care services provider, recently announced it has entered into a definitive agreement to purchase New York-based Talkspace, a virtual behavioral health care provider, for approximately $835 million. UHS will pay $5.25 per share.
“Talkspace’s patient-centric, clinically driven virtual platform perfectly complements the high-quality services delivered at our facilities, enabling us to expand access and offer more flexible, stepped solutions to address the growing demand for behavioral healthcare,” Marc Miller, UHS president and CEO, said. “This acquisition aligns with UHS’ core growth objectives by accelerating our outpatient and telehealth behavioral health strategies, diversifying our payor mix and delivering a comprehensive, technology-enabled continuum of care that supports innovative approaches to mental health services.”
By adding Talkspace’s approximately 6,000 providers that serve all 50 states, Washington, D.C., and Puerto Rico, UHS will be able to create the industry’s first nationally scaled, end-to-end continuum in behavioral health care.
The transaction is expected to close during the third quarter, is subject to regulatory approvals and other customary closing conditions. Talkspace’s stockholders also must give their approval. The UHS and Talkspace boards of directors have given their approval.
Universal Health Services has approximately 101,500 employees and operates dozens of facilities and a physician network, and offers insurance and related services in 40 states, Washington, D.C., Puerto Rico and the United Kingdom.