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DFB Healthcare to Acquire AdaptHealth Holdings

July 10, 2019

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.

At Paul Hastings, our purpose is clear—to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.