Tech

Signify Health stock surges 32% on reports Amazon is bidding for the company

Key Points
  • Signify Health shares surged 32% on Monday.
  • Amazon, CVS and UnitedHealth are reportedly vying to acquire the home health services provider.

In this article

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Amazon joins bidding for Signify Health, according to WSJ report
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Amazon joins bidding for Signify Health, according to WSJ report

Shares of Signify Health skyrocketed 32% Monday on reports that Amazon is among the bidders for the home health services provider.

Amazon, CVS and UnitedHealth Group are competing to acquire Signify, The Wall Street Journal and Bloomberg reported Sunday, citing people familiar with the matter.

Signify is up for sale in an auction that could value it at more than $8 billion, the Journal reported. The company will hold a board meeting Monday to discuss the bids, and final bids are due around Labor Day, according to the Journal.

Signify, which provides technology to help with in-home care, has a market cap of roughly $6.56 billion.

UnitedHealth has submitted the highest bid for Signify, in excess of $30 a share, while Amazon's offer is close behind, Bloomberg reported.

The New York Stock Exchange welcomes Signify Health (NYSE: SGFY), today, Thursday, February 11, 2021, in celebration of its IPO. To honor the occasion, Kyle Armbrester, CEO, joined by John Tuttle, NYSE Vice Chairman and Chief Commercial Officer, rings The Opening Bell®.
NYSE

A deal would push Amazon further into health care. The retail behemoth last month announced it would purchase 1LifeHealthcare, the parent company of primary-care clinic company One Medical, for $3.9 billion.

Amazon's stock closed down 3.6% on Monday.

Representatives from Amazon and Signify Health declined to comment.

WATCH: Amazon to acquire One Medical for roughly $3.9 billion

Amazon to acquire One Medical for roughly $3.9 billion
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Amazon to acquire One Medical for roughly $3.9 billion