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Walmart Inc. is in discussions to acquire a significant stake in ChenMed LLC, marking a strategic push into the multi-billion-dollar U.S. healthcare sector. This potential acquisition underscores a broader retail trend of investing in health services, with ChenMed serving moderate-to-low-income seniors with chronic conditions.
The proposal is said to be Walmart’s largest venture in the healthcare sector. The company’s move to submit a proposal also comes at a time when a number of retailers are shoring up their presence in the health industry.
PYMNTS reported that sources who have knowledge of the matter revealed that Walmart and ChenMed are currently in talks for the stake acquisition. If the buyout proceeds, the value of the medical and technology company specializing in providing primary care is expected to reach several billion dollars.
The insiders added that if the deal pushes through, it could still take weeks to be confirmed. In addition, Walmart’s investment in ChenMed will also see it taking a stake in an organization that promotes itself as serving the neediest populations - the underserved, moderate-to-low-income seniors with complex chronic diseases.
As per The Sun US, the terms of the deal are not yet finalized; plus, the deal can also be abandoned. It is also possible that Walmart may not end up as the final buyer of ChenMed’s stake, but rather, other companies may secure the deal.
ChenMed is a family-owned business that Dr. Jen-Ling James Chen founded. He set up the business after being diagnosed with cancer. His diagnosis drove him and his family to explore the healthcare system.
After realizing that treatment is expensive and could be difficult to obtain, Chen decided to establish a company that can provide inexpensive care to patients. ChenMed was created to address financial risk for the cost of a patient’s medical needs, especially for seniors.
Photo by: Marques Thomas/Unsplash
