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Humana has a right of first refusal on any Cano sale, part of an agreement that was originally struck in 2019.
Photo:
Luke Sharrett/Bloomberg News
Humana Inc.
and other possible buyers are circling
Cano Health Inc.,
according to people familiar with the situation, as healthcare heavyweights scramble to snap up primary-care providers.
The talks are serious and a deal to purchase Cano could be struck in the next several weeks, assuming the negotiations don’t fall apart, some of the people said. Cano shares, which had been down nearly 7%, turned positive and were up 42% after The Wall Street Journal reported on the talks, giving the company a market value of nearly $5 billion.
Miami-based Cano operates primary-care centers in California, Florida, Nevada, New Mexico, Texas, Illinois, New York, New Jersey and Puerto Rico, according to documentation from the company. It mainly serves Medicare Advantage members, a private-sector alternative to Medicare for seniors.
It couldn’t be learned who else is in the mix, but Cano could be Humana’s to lose as the health insurer has a right of first refusal on any sale, part of an agreement that was originally struck in 2019.
—Cara Lombardo contributed to this article.
Write to Laura Cooper at laura.cooper@wsj.com and Dana Cimilluca at dana.cimilluca@wsj.com
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