Kinnevik AB (publ) (“Kinnevik”) today announced that it supports the proposed merger between Teladoc Health, Inc. (NYSE: TDOC) (“Teladoc Health”), the global leader in virtual care, and Livongo Health, Inc. (Nasdaq: LVGO) (“Livongo”), the leading Applied Health Signals company, creating the only consumer centered virtual care platform for a full spectrum of health needs. When the merger has been completed, Kinnevik will become an owner of a 4.5 percent stake in the combined company and receive USD 143m (SEK 1.3bn) in cash consideration. The merger consideration values Kinnevik’s stake in Livongo at approximately USD 2.0bn (SEK 17.6bn), up USD 183m (SEK 1.6bn) from the value of Kinnevik’s stake in Livongo at 4 August 2020 close.

As announced today by Teladoc Health and Livongo, the companies have entered into an agreement to merge. Under the terms of the agreement, supported by the Boards of Directors of both Teladoc Health and Livongo, each share of Livongo will be exchanged for 0.592 Teladoc Health shares and USD 11.33 in cash, in total representing a value of USD 158.98 per Livongo share, based on the closing price of Teladoc Health on 4 August 2020. The value ascribed to Livongo in the merger represents a premium of approximately 56 percent to Livongo’ 30-day volume-weighted average price and a premium of 10 percent to the closing price of Livongo on 4 August 2020.

The transaction is expected to close by the end of Q4 2020, subject to regulatory approval, Teladoc Health and Livongo shareholder approvals, and other customary closing conditions.

Kinnevik is today the second largest shareholder in Livongo, holding 13 percent of outstanding shares corresponding to 11 percent on a fully diluted basis. When the merger has been completed, Kinnevik will receive USD 143m (SEK 1.3bn) in cash and approximately 7.5 million shares in the combined company, corresponding to a 4.5 percent economic stake on a fully diluted basis. The merger consideration values Kinnevik’s stake in Livongo at approximately USD 2.0bn (SEK 17.6bn) in total, based on the closing price of Teladoc Health on 4 August 2020. Kinnevik supports the proposed merger, and has undertaken to vote in favor of the merger at an upcoming general meeting of Livongo shareholders, and to retain the main portion of its stake in Livongo until completion of the merger, subject to disposals according to customary conditions.

The combination joins two highly complementary companies to create an unmatched, comprehensive platform for virtual healthcare delivery. By bringing together leaders in virtual health and chronic condition management, the merger combines:

• Comprehensive clinical expertise with a rich technology and data-driven experience
• Prevention and chronic condition management with acute and specialty care
• Behavior change expertise with data science
• Global footprint with products meeting a global need
• Access with innovation
• Two of the fastest growing companies in health technology

The combined company will have expected 2020 pro forma revenue of approximately USD 1.3bn, representing year-over-year pro forma growth of 85 percent, and pro forma adjusted EBITDA of over USD 120m. The combined company is positioned to execute quantified opportunities to drive revenue synergies of USD 100m by the end of the second year follow completion, reaching USD 500m on a run rate basis by 2025. These opportunities include increased cross-selling and penetration into each company’s client base, accelerating Livongo’s international expansion through Teladoc Health’s existing footprint, improving member retention rates and driving more efficient enrollment.

Almost five years ago, Kinnevik put in place a strategy to apply its learnings from consumer-centric and technology-enabled transformation of other sectors to healthcare. We sought to leverage technology, data science and clinical innovation to yield better, more accessible and lower cost care. Livongo was our second investment as part of this strategy, with the vision to create a whole person platform to empower people with chronic conditions to live better and healthier lives. Today, Kinnevik’s portfolio of digital health companies also includes Babylon, Cedar, Cityblock and VillageMD. The proposed transaction is a testament to the value of Livongo’s platform and validates Kinnevik’s healthcare investment strategy. In total, Kinnevik has invested SEK 3.5bn into its digital healthcare businesses, generating an exceptional 6.6x return on our total investment and an unrealized internal rate of return of over 150 percent, including the value of the proposed merger consideration.

Kinnevik’s CEO Georgi Ganev commented: “Since our first investment in Livongo in 2017, Glen Tullman and his team have consistently impressed us with their vision and execution building a global leader in chronic care management. We were proud to support and invest in the IPO last year, and since then Livongo’s success has accelerated as the relevance of its customer proposition has become ever stronger, fueling exceptional growth and profitability. With the proposed merger, Kinnevik recoups almost our entire invested capital in Livongo in cash, and becomes a significant shareholder in the only consumer centered virtual care platform for a full spectrum of health needs. We therefore benefit from continued long-term upside as the combined company is positioned to serve an even larger addressable market with a truly unparallelled offering.”

For further information about the details and preliminary timetable of the merger and the combined company, please refer to the press releases issued by Teladoc Health at www.teladochealth.com and Livongo at www.livongo.com, as well as the joint transaction website at www.teladochealthlivongo.transactionannouncement.com.

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 12.10 CET on 5 August 2020.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

Spineart today announces that it secured a CHF 50 million investment from EGS, which thus becomes a cornerstone investor in the company next to the Management and Gimv, its largest shareholder. These proceeds will be used to implement strategic clinical studies, accelerate Spineart’s organic growth in key markets, seize selective acquisition opportunities and for continued development and launch of superior technologies.

The company was co-founded in 2005 by Jérome Levieux and Stéphane Mugnier-Jacob, who both have over 20 years’ experience in the spine industry and co-lead Spineart (www.spineart.com). Over the past 4 years, Spineart has doubled its sales to reach a worldwide turnover of EUR 66 million in 2019, doubled its staff (+200 employees), strengthened its leadership team, vertically integrated manufacturing operations and increased significantly its profitability.

“We’re very happy to welcome EGS in Spineart’s capital. This new milestone will allow Spineart to write a new chapter of its successful story, by accelerating our expansion in the United States, our first market with more than 40% growth in 2019, and by strengthening our challenger position in Europe. This acceleration will be driven by the release of Spineart’s R&D pipeline, composed of multiple innovative technologies already designed and approved, combined with enhanced market access in strategic markets worldwide” said Jérôme Levieux and Stéphane Mugnier-Jabob, co-founders and co-CEOs of Spineart.

Dominik Sauter, Managing Director at EGS Beteiligungen AG, comments: “We have been impressed by the accelerated growth of Spineart in the last couple of years. Their ability to develop and market new products will also be key for future success. We look forward to be part of the Spineart team and to work with the board and management to further create value for all stakeholders.”

Bart Diels, Managing Partner and Head of Health & Care at Gimv, adds: “Having two longer term oriented, strong financial investors on board, gives Spineart a very solid foundation to continue its successful international growth. Together with EGS, we look forward to further supporting Spineart’s management team in realizing its ambitious growth plans”.

Spineart is a fast-growing Swiss spine company focused on simplifying spinal surgery by designing, developing and promoting safe and efficient solutions to surgeons, operating room teams and patients. Spineart is a pioneer in its field, having introduced unique patented and clinically validated technologies of motion preservation, fusion, minimally invasive surgery and fractures treatment. Spineart markets a complete portfolio combining traceable barcoded sterile packed implants with compact instrument sets, thus promoting greater safety, cost-efficiency, and compliance at the hospital.

Read the full press release:

04/06/2020 – 07:30 | Portfolio

Toronto, April 16, 2020 – Onex Corporation (“Onex”) (TSX: ONEX) and its affiliated funds
today announced that it has agreed to acquire Independent Clinical Services Group Ltd. (“ICS”)
in partnership with the existing management team and with a reinvestment in the equity by the
former majority shareholder, TowerBrook Capital Partners LP. ICS is a leading specialised
staffing, workforce management solutions, and health and social services business operating
primarily in Europe and present across four continents globally. ICS’s 1,850 employees serve
over 2,000 clients from offices in 10 countries. The transaction is expected to close later this
year, subject to customary conditions and regulatory approvals. The terms of the transaction are
not being disclosed.

“ICS is committed to being a true partner to its clients in delivering both capacity and care at the
highest standard, and that is a commitment we want to continue and build on,” said Nigel
Wright, a Managing Director with Onex. “We are pleased to be partnering with the ICS
management team and look forward to supporting their growth for years to come.”
“Onex’ strong investment track record and history of supporting the teams it invests alongside
makes it an ideal partner for us,” said Mike Barnard, Chief Executive Officer of ICS. “Our first
priority is to provide high-quality healthcare staffing and services to our clients and partners
around the world. Onex is aligned with the strategic direction of our firm and we are excited to
work together in our next phase of growth.”
The investment will be made by Onex Partners V, Onex’ $7.2 billion fund.

About Onex
Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional
investors and high net worth clients from around the world. Onex’ platforms include: Onex
Partners, private equity funds focused on larger opportunities in North America and Europe;
ONCAP, private equity funds focused on middle market and smaller opportunities in North
America; Onex Credit, which manages primarily non-investment grade debt through
collateralized loan obligations, private debt and other credit strategies; and Gluskin Sheff’s
actively managed public equity and public credit funds. In total, Onex has approximately
$38.4 billion of assets under management, of which approximately $7.2 billion is its own
shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its
experienced management teams are collectively the largest investors across Onex’ platforms.
The Onex Partners and ONCAP businesses have assets of $42 billion, generate annual revenues
of $28 billion and employ approximately 171,000 people worldwide. Onex shares trade on the
Toronto Stock Exchange under the stock symbol ONEX.

For more information on Onex, visit
its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on management’s
current expectations and are subject to known and unknown uncertainties and risks, which could
cause actual results to differ materially from those contemplated or implied by such
forward-looking statements. Onex is under no obligation to update any forward-looking
statements contained herein should material facts change due to new information, future events
or otherwise.

For further information:
Claire Glossop Irani
Director, Client and Product Solutions
416.362.7711