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Payer Services EBITDA Multiples: Evolent Acquires Magellan Specialty Services (~14.3x EBITDA)

Evolent Health, Inc. (NYSE: EVH), a population health management company, announced the acquisition of National Imaging Associates, Inc. (NIA) aka Magellan Specialty Health, Inc. (MSH) from Centene Corporation (NYSE: CNC). Consideration for the acquisition includes $650 million at close plus additional contingent consideration of up to $150 million based on 2023 performance. The move expands Evolent's capabilities in specialty care management including radiology, musculoskeletal, physical medicine, and genetics, further strengthening its position as a trusted partner for healthcare payers and providers.

Payer Services EBITDA Multiples

According to the purchase price allocation, total consideration was $715.7m including the fair value of the contingent consideration. With expected 2023 NIA standalone revenue and EBITDA of $250m and $50m, respectively, the deal implies multiples of 2.9x revenue and 14.3x EBITDA. The relatively high multiple is due in part to the contingent nature of some of the consideration (13x upfront consideration), synergies ($15m), and 2024 contracted growth ($20m).

Magellan Specialty Services Acquired by Evolent
Payer Services EBITDA Multiples

Other Payer Services Deals

Read Scope Research's take on other payer services M&A transactions:

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The Scope Research Healthcare M&A Valuation Database currently has financial details for 131 population health and payer services deals going back to 2010, 78 of which include reported EBITDA multiples. The population health / payer services data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.

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