Buyout major Centerbridge Partners is said to be close to sealing a $1.5bn deal for a majority stake in health insurance marketplace GoHealth.
The deal could be announced as early as Monday, people familiar with the matter told Reuters. Following the close of the deal, the business’ founders Clint Jones and Brandon Cruz will remain in executive positions and retain a substantial equity stake.
GoHealth provides an online health insurance marketplace for consumers and small businesses located in the United States.
Founded in 2001, the platform offers access to a range of healthcare plans including Medicare, individual, family, dental and other insurance policies.
The business had witnessed rapid growth following the establishment of the 2010 Affordable Care Act, also known as Obama Care, but has faced challenges of recent due to policy changes made by President Donald Trump’s administration, Reuters reported.
Mid-market buyout house Norwest Equity Partners previously made a $50m investment in the company back in June 2012.
Centerbridge raised $3.2bn for its 2006 debut fund, before going on to pull in $4.4bn for its second vehicle in 2011 and $6bn for its third fundraise in 2014.
The firm is believed to be hashing out a deal to buy US-listed managed care provider Magellan Health.
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