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Huntsworth is acquiring an 80 percent stake in Navience Healthcare Solutions for $24M and will fold the market access/payer shop into its Evoke healthcare communications offering.
Princeton-based Navience recorded revenues of $6.4M in 2017 and profits of $3.8M.
"The influence of the payer, in the medical decision-making process and to the success or failure of any given product in today’s healthcare landscape, cannot be overstated,” said Reid Connolly, Evoke CEO, in announcing the deal.
Navience founder John Shamsey will helm the rebranded Evoke Navience. He'll report to Connolly, who called the acquisition "an ideal fit."
Huntsworth's $24M outlay for the 80 percent stake is subject to adjustment for working capital and deferred compensation requirements based on earnings for the two-year period ended Dec. 31, 2019. The total consideration is capped at $40M.
The UK firm may acquire the remaining 20 percent of Navience subject to put and call rights that are exercisable beginning in 2022. The acquisition price for full-ownership of Navience is capped at $94M.
Evoke has more than 550 staffers in New York, Philadelphia, Chicago, Los Angeles, San Francisco and London.
Lo Isidro, senior director at Real Chemistry with more than a decade of strategic communications and PA experience, has joined Narrative Strategies.
Nelson Fernandez, former North American chair of APCO Worldwide and managing director of Burson-Marsteller, has joined Volunteers in Medicine Berkshires as director of communications and PA.
Lilit Bargar, who was most recently an EVP in the healthcare practice at Weber Shandwick, comes on board at GCI Health as EVP, corporate practice lead.
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