Teladoc Health on Friday completed a merger with Livongo, a digital health company that helps users manage chronic conditions. The transaction follows Teladoc shareholders approving the merger agreement Thursday.
Here's five things to know about the $18.5 billion deal:
1. The combined company will operate under the name Teladoc Health and maintain Teladoc's headquarters in Purchase, N.Y..
2. Livongo shareholders received 0.5920 times a share of Teladoc for each Livongo share and $11.33 in cash as part of the merger agreement. Teladoc has issued roughly 60.3 million shares and paid an estimated $432.1 million in cash, according to Securities and Exchange Commission filings on Friday. Under the merger agreement, Teladoc shareholders will own 58% of the combined company; Livongo shareholders will own 42%, the companies said at the time.
3. The companies expect to see 2020 combined revenue of an estimated $1.3 billion and cover 70 million members, according to a presentation shared with investors in August.
4. Teladoc's CEO Jason Gorevic will keep his role, leading the combined company. Livongo's CEO Zane Burke and President Dr. Jennifer Schneider will leave the combined company after the transaction closes, according to an announcement Teladoc filed with the SEC earlier this month.
5. Teladoc's chairman, David Snow, will lead the new company's board of directors. The new board of directors will comprise eight members of Teladoc's previous board and five members of Livongo's previous board, including Glen Tullman, who had served as Livongo's founder and executive chairman, effective Nov. 19.
To read more details on the deal, read our full coverage.