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Naples-based HealthLynked health care network signed a definitive agreement to sell its ACO Health Partners subsidiary to PBACO Holding LLC, which operates under the DBA Palm Beach Accountable Care Organization. Under the terms of the agreement, HealthLynked will receive $750,000 in cash paid at the signing of the definitive agreement and up to $2.25 million incremental cash based on an agreement to participate in PBACO by ACO Health Partners’ existing physician practices or newly added practices, scaled based on the number of covered patients transferred to PBACO by July 31. In the event that PBACO completes a planned initial public offering by Aug. 1, 2024, HealthLynked will receive shares in the public entity at the time of the IPO with a value equal to AHP’s 2021 earnings times the EBITDA multiple used to value the public entity’s IPO shares, net of any cash consideration previously paid by the buyer. In the event that PBACO goes public through means other than an IPO, the parties would modify the terms to implement such alternate structure. If PBACO doesn’t go public within 18 months of the signing date, the transaction consideration is capped at the initial cash consideration of up to $3 million.

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