American Oncology Network and Digital Transformation Opportunities today announced a definitive merger agreement at a pro forma enterprise value of approximately $500 million. If approved, upon completion of the deal, the combined company expects to list on the Nasdaq.
American Oncology is a network of community-based oncology practices. Since 2019, AON has generated compounded annual revenue growth of more than 60% through June 2022 and now generates more than $1 billion in annual revenue and operates profitably. AON’s platform currently includes 107 physicians and 24 practices across 71 locations in 18 states, according to a press release.
Existing AON equity holders will roll 100% of their equity in AON. DTOC’s sponsor has agreed to subject its shares in the combined company to lock-up restrictions and various earnout thresholds.
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