Representatives from restructuring firm Alvarez & Marsal have announced that they will be acting as administrators over Babylon Group Holdings Limited and subsidiary Babylon Partners Limited, and have completed a sale of “certain of the companies’ UK businesses and assets” to eMed Healthcare UK Limited.
In the announcement late Wednesday, Alvarez & Marsal confirmed the sale was completed to the company, adding that “the sale has secured the future of the Babylon UK operations” and the announcement “follows Babylon’s US business having entered into chapter 7 proceedings in the US”.
Earlier this month, HTN covered the news that Babylon was in the process of selling its UK business, after a proposal to combine services with digital therapeutics company MindMaze failed to go ahead.
Andrea Jakes, managing director for Alvarez & Marsal, commented: “The appointment of administrators over Babylon’s UK business to facilitate a sale to eMed ensures the least possible disruption for Babylon users, which should continue to operate as normal.”
Babylon was originally founded in 2013 with the aim of providing technology and clinical services to support a global patient network, designed as a “highly scalable, digital-first platform combined with high quality, virtual clinical operations to provide integrated, personalised healthcare”.
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