Amazon acquiring One Medical for nearly $4 billion

Amazon is buying the primary health care provider One Medical for roughly $3.9 billion, the companies announced Thursday.

The deal expands the e-commerce giant’s footprint in the health care space, an area that Amazon said is ripe for “reinvention.”

“Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy — we see lots of opportunity to both improve the quality of the experience and give people back valuable time in their days,” Neil Lindsay, the senior vice president of Amazon Health Services, said in a statement.

The purchase, an all-cash transaction at $18 a share, is subject to approval by regulators and One Medical’s shareholders.

One Medical CEO Amir Dan Rubin will remain atop the company if the deal is completed.

The primacy care provider, which went public in 2020, operates 188 medical offices in 25 markets, according to its latest quarterly results.

One Medical also offers a variety of telemedicine services.

This is not Amazon’s first purchase in the health care space: It acquired PillPack for $750 million in 2018 before launching its own online pharmacy.