New York – DFB Healthcare Acquisitions Corporation, a special purpose acquisition company (SPAC) backed by Deerfield Management Company, has entered into a definitive agreement for a business combination with AdaptHealth Holdings, the third largest distributor of home medical equipment in the United States. The combined company will have an enterprise value of approximately $1.0 billion.
Paul Hastings advised Deerfield both on its investment as a co-sponsor of the SPAC as well as on an up to $100 million private placement of common stock to complete the transaction. Richard Barasch, the SPAC's president and CEO is the other co-sponsor. The acquisition will be funded by $253 million from the SPAC in addition to the private placement.
Deerfield is a long-term investor in healthcare companies and drug-discovery ventures, including academic research partnerships on which Paul Hastings advised with Columbia University, Harvard University and UNC-Chapel Hill among others.
The Paul Hastings team was led by partner Samuel Waxman and also included partners Frank Lopez and Felicia Yen and associates Joseph Eno and Matthew Tippett.
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